Oil is approaching the most important trend-line on the medium-term, the 84.80 - 85.40 Resistance Zone. A break and session close above 85.40 should technically aim at the 2.0 Fibonacci extension of 92.50. On the other hand, a rejection at 84.80 should aim at the 1D MA50 (red trend-line) and the Lower Lows trend-line.
FWIW - I get notified every time /CL trades 250 contracts in 2 min period - its been going off like crazy this afternoon. Makes me think this is the spot. Also the volume profile they left value $2.00 lower which means not that many contracts traded up here. Traders will want to return to value tomorrow - because its a target moreover the previous days value wasn't returned too either. So there is clean up in the volume profile to do... that said I'm short.
I actually think we may see your $76 target. We'll see, won't a straight line.
I actually think we may see your $76 target. We'll see, won't a straight line.