00:00Oil prices are hovering near $100 a barrel, but chart patterns suggest a possible move toward the mid-80s.
00:06U.S. crude is trading near the top of its yearly range, according to Reuters.
00:11The key detail is something traders call a price gap.
00:14This happens when prices jump between trading sessions, leaving a range that was skipped over.
00:20Analysts often watch to see whether prices eventually return to fill these gaps.
00:24One remaining gap sits between $83.40 and $84.69, roughly 15 on below the reported market level.
00:32A second wider gap stretches from $67.02 to $75.
00:37Most of the other gaps identified on the chart have already been filled, but these two remain partly or completely
00:43open.
00:44That could make them potential downside targets for traders.
00:47However, price gaps do not guarantee future movements.
00:50Oil could fall toward these levels, but the chart alone cannot confirm what happens next.
00:56Disclosure.
00:56This video contains stock footage and content created or enhanced using AI-assisted tools.
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