Oil Technical Analysis: Descending triangle breakout and 5th weekly drop in US stockpiles could embolden bulls

The oil market is likely buoyed by the bullish US oil inventory report: the Energy Information Administration (EIA) on Wednesday reported that oil stocks fell by 2.1 million barrels for the week ended Sept. 14.
Notably, Brent's hourly chart shows a descending triangle breakout - a bullish continuation pattern - which indicates a resumption of the rally from the Sept. 18 low of $77.49 and could yield a move to $80.00 (psychological hurdle).
The stacking order of the 50-hour moving average (MA), above the 100-hour MA, above the 200-hour MA, indicates the path of least resistance is on the higher side.

Omkar Godbole FXStreet Contributor

Hourly Chart

Current Price: $79.58

Daily High: $79.61

Daily Low: $79.29

Trend: Bullish

Resistance

R1: $79.69 (Sept. 18 high)

R2: $80.09 (Sept. 12 high)

R3: $80.45 (May 22 high)

Support

S1: $79.15 (support on the hourly chart)

S2: $78.79 (50-hour MA)

S3: $78.00 (psychological support)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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