The oil price is consolidating in a narrow range of $79.00-81.80 near the horizontal resistance plotted from March 07 high around $81.00 on a two-hour scale. The 20-period Exponential Moving Average (EMA) at $80.53 is overlapping the oil price, indicating rangebound moves.
Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range, which conveys that investors are awaiting a potential trigger.
Should the oil price break above April 04 high near $81.80, bulls will drive the asset towards December 01 high at $83.30 followed by October 21 high at $85.66.
On the flip side, a downside move below March 31 low at $73.31 would drag the asset toward March 23 high at $71.69. A break below the latter would further drag the oil price toward March 27 low at $69.18.
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