WTI crude oil is currently rangebound between $73.82-$77.56 ahead of the speech from Fed Chair Jerome Powell

WTI crude oil currently trading at around $76.13 a barrel ahead of the speech from Jerome Powell due later in the day. Looking at the chart on the daily timeframe, we can see that its price remains in the channel drawn on the chart. Rangebound between $73.82-$77.56. The main resistance now for this oil here is 77.56 followed by $79.66. A break and close above $79.66 could see its price rise higher towards around $82-$83 a barrel. Towards the downside, the key support here is $73.82 followed by $72.37. A fall below $72.37 may see the price slide lower towards the next support level of $70.25. The OPEC announced yesterday a further 1 million barrel production cut, which in turn should create higher demand for crude. But the market seems like it is awaiting further detail from the Fed Chair regarding the future of interest rates and the state of the US economy. If we look at the technical indicators for a more in-depth view, we can see that the outlook is neutral-mixed. The MACD volume is slightly positive, but the MACD line and its signal line are actually below the zero line. Whereas the RSI is just slightly negative as it reads 43.