Oil tests 20 SMA resistanceCrude Oil FuturesNYMEX_DL:CL1!FOREXcomOil trades within a descending channel dating back to 2023. The price also trades below its 20, 50, and 200 SMA in a bearish trend. Oil faced rejection at the 50 SMA and rebounded lower before finding support at 61.50, the August low. The price has recovered higher and is testing the 20 SMA resistance and the mid-point of the descending channel. Buyers will need to close above 63.50 to extend gains towards 65.00, the 50 SMA, and the September high. A rise above here creates a higher high and exposes the 200 SMA. Selles will need to break below 61.50 to create a lower low and extend the bearish trend. FC