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Oil steadies above $80 after Monday’s sharp rise

WTI oil keeps firm tone and holding above broken $80 barrier, now reverted to support, for the fourth straight day.

Near-term action is holding near new nine-week high, posted after Monday’s opening with large gap-higher and subsequent bullish extension, sparked by surprise decision by OPEC+ group to further reduce output.

The significance of cartel’s decision kept the price inflated during past few days and mainly offset expected negative impact from growing fears over global economic growth, boosted by the latest much weaker than expected US data.

Fresh drop in US crude inventories also contributed to positive signals for oil, keeping the action within narrow consolidation under new high and mainly above $80 level, in past few sessions.

The WTI contract is on track for the fourth consecutive daily close above psychological $80 support that adds to positive outlook, despite overbought daily studies.

Multiple bull-crosses, created by daily MA’s in full bullish configuration and very strong positive momentum, add to bullish signal, which would be verified on weekly close above $80.

This would keep bulls firmly in play for extension towards next targets at $82.64 (2023 high) and $83.32 (Nov 2022 top) which also mark a multi-week lower platform.

The recent narrow range after strong jump in the price suggests that traders look for fresh direction signals, as fundamentals remain positive but technical studies  warn of correction.

In case of loss of $80 support, limited dips should not be harmful for larger bulls as long as Monday’s gap remains unfilled.

Res: 81.21; 81.76; 82.64; 83.32
Sup: 80.00; 78.98; 77.65; 76.78