Yesterday, the price of oil was in the range of $80.00-$82.00. We failed to break above the upper trend line and 61.8% Fibonacci. Today we had another attempt to break above but without success. In the previous two hours, we see a new price pullback to 50.0% Fibonacci at $81.40. If we don't find support here either, we move down to the 38.2% Fibonacci at the $80.20 level. A further price break below would only take us back to the $76.00-$78.00 support zone.
