Oil currently trading at around $77.07 a barrel with key resistance above at $77.72.

From a technical outlook, oil is currently trading at around $77.07 a barrel. In this instance looking at the 1-hour timeframe, the bullish trend seems to be still in place with support sitting firmly below. Support sits at $76.96 and then at $76.79. A break below $76.79 could see the price pierce through the yellow support trendline and form a bearish trend. Towards the upside, resistance sits at $77.34 then at $77.49 then at $77.72. A break above $77.72 may see the price of oil climb above $78 a barrel. Looking at the indicators, MACD is negative but swaying towards positive and RSI is positive as it reads 62.