Technically speaking, crude futures have multiple uptrend lines serving as technical cushions along with 12/23 and 12/22. Additionally, the psychological $75/bbl level could serve as a technical cushion should it be tested. As for the topside, crude futures still face multiple downtrend lines along with December highs. Furthermore, the psychological $80/bbl area could serve as a solid technical barrier. Meanwhile, a pop above our 3rd tier downtrend line could yield a near-term run towards $82/bbl since our 3rd tier runs through November highs.
Resistances: $77.45/bbl, $77.80/bbl, $78.16/bbl, $78.80/bbl, $79.57/bbl
Supports: $76.88/bbl, $76.46/bbl, $76.05/bbl, $75.52/bbl, $74.75/bbl
Psychological: $75/bbl, $70/bbl, December Highs and Lows