Crude is trading at around $76.33 a barrel. Consolidation may have formed and there is potential for a move higher.

Technicals

From a technical aspect, crude oil is currently trading at around $76.33 a barrel. After a heavy bearish trend since the 27th of January, it may have found some consolidation and a potential move higher might be upcoming. Towards the upside minor resistance sits at $75.50 then at $76.72 then at $76.88 (white trendline). A break and close above the white trendline may see the price of oil head for the resistance levels resting at $77.06 followed by $77.38. We can see the support below at around $75.32 then a key level at $75.20 (green trendline). A break below the key level can see the price fall as low as $74 a barrel. Looking at the technical indicators, MACD has turned positive and RSI is neutral as it reads 50.