It's been a strange month in the oil market, starting with the shock decision from OPEC+ to cut output. That was followed by five days of sluggish trading in a narrow range as holidays hit and the market struggled to weigh worries about oversupply now against tightening supplies in the second half of the year.
The chart shows an ultra- rare sextuple top at $83 in what's been a rock solid wall of resistance. We're at $81.50 today but also note that this is the highest closing level since November.
You would think that it would take something dramatic to break the range to the upside though, so this one is still hard to handicap.
