Last week we talked about the bullish price behavior by Oil prices when the cloud support was tested. Price bounced off the cloud support and bulls managed to maintain price above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) remains above the candlestick pattern (bullish). Support by the tenkan-sen is at $77.85 and by the kijun-sen at $76.90. Failure to hold above these levels will open the way for a deeper pull back towards $75.25.
