Oil continues to fall under pressure, however the upside trendline still holds dating back to April 2020

Brent oil continues to decline, dropping 35% from the March highs. Despite this oil is still in a long-term uptrend with major support around the $88-$87 region. A clear break here could take oil back to the 2021 highs at $85.66. Further breakdown of the chart could then see oil head towards $77.24. Towards the upside, September highs at $95.19 act as minor resistance followed by $100 and then $103 (200 MA).

Comment: "It's unlikely that oil will continue the trend higher, but could see consolidation at its current levels. Shorting on spikes could provide good trading opportunities however buying at high prices could be risky as this market is quite sensitive to GDP, CPI, and inflationary figures at the moment so a sudden drop could always be around the corner".