In the oil market yesterday, after testing the local support level at 76.89 from top to bottom, the price reversed and confidently moved to the north, resulting in a clear bullish reversal candlestick. Given the current setup, I have every reason to believe that the northern movement may continue today. In this case, I am planning to focus on the resistance level at 79.96 and the resistance level at 80.70. There could be two scenarios near these resistance levels. The first scenario involves the price consolidating above these levels and further moving to the north. If this plan plays out, I will expect the price to continue towards the resistance level at 86.46. Upon breaking above this resistance level, I will anticipate further northward movement towards the resistance level at 87.63 or the resistance level at 89.85. Near these resistance levels, I will wait for a trading setup to help determine the next trading direction. Of course, I acknowledge that during the price movement towards these northern targets, there may be southern pullbacks, which I plan to use to look for bullish signals from nearby support levels, expecting a continuation of the upward movement. An alternative scenario for price movement when approaching the resistance level at 79.96 or the resistance level at 80.70 would be a plan involving a reversal candlestick formation and a resumption of downward price movement. If this plan unfolds, I will expect the price to return to the support level at 76.89 or the support level at 75.84. Near these support levels, I will continue to search for bullish signals, expecting a resumption of the upward price movement. In general, to put it briefly, I currently anticipate the price to move north towards the nearest resistance level today, and then I will assess the market situation, giving priority to bullish scenarios within the framework of forming a global bullish trend.
