US Crude has been a bit wavy since the 12th of Dec. Key resistance sits at $81.69 with support below at $75.75.

Technicals 

Taking a look at the US Crude in this instance, it is currently trading at around $78.97 a barrel. Applying the Fibonacci retracement to the chart, we can see the price of oil has been a bit wavy since the 12^th of December 2022, but still remains in a slight uptrend. At present, minor resistance sits at $79.03 (38.2% Fib) whereas the resistance major rests at $81.69. The major has been tested a couple of times in the new year, but there wasn’t any clear breakthrough or closing price above. Therefore, this tough resistance at $81.69 (50% Fib) remains as the key level that needs tackling before any further upside occurs. In the meantime, support sits at $75.75 (23.6% Fib) then a key point at $70.43. A break below $70.43 could see a continuation of the bearish trend oil experienced in 2022. Looking at the technical indicators, MACD is negative but RSI is neutral as it reads 49.