US oil price will likely find support at $80.53 and bounce to $96.44, based on technical analysis.

First off, let's look at US oil. You can see here US oil most recently, as you see here on this price action at the middle part of August, notice how when we went up to attack this declining trend line, we hit it 2 days in a row, then just faded with this trend line before breaking out and confirming with this extended move.

Now we have price on US oil coming back down for my trademark breakout retrace bounce play. So at $80.53, you can anticipate price action catching support on the chart of US oil and then potentially bouncing to push up to the next key resistance here at $96.44.

With the tensions going on over in the Middle East, there's sanctions that have been placed. There's also news today saying that the straight has all of its mines taken out and the US is going to allow shipping.

However, with the technicals on the chart, this is all foreshadowed as we should have price come right back down to this declining trend line and catch support at $80.53 and then bounce on up potentially as high as this next key resistance at $96.44.