Oil prices oscillate between key technical levels, with buyers defending support at $77.84 and sellers capping gains at $81.25.
US crude oil futures continue to trade within a tight $77.90 to $81.25 range, reflecting indecision as traders await a clear directional break. The market has tested support at $77.84 and resistance at $81.25 multiple times this week, with buyers stepping in near the 100-hour moving average and sellers defending the 50% retracement level of $82.01.
Earlier sessions saw prices dip below the 38.2% retracement at $78.48 and the 100-hour moving average but rebound sharply from $77.84. The rally later stalled at $81.25, matching Tuesday’s high, before retreating again. Technical levels remain pivotal, with no sustained breakout yet.
Market participants are closely watching for a decisive move beyond these boundaries, which could signal the next trend. For now, the range persists, with neither bulls nor bears gaining control.