What does a residual value of 1.3 mean when referring to the line of best fit of a data set?

a data point is 1.3 units above the line of best fit.
a data point is 1.3 units below the line of best fit.
the line of best fit has a slope of –1.3
the line of best fit has a slope of 1.3.

A residual value of 1.3 when referring to the line of best fit of a data set means that
A data point is 1.3 units above the line of best fit.

The formula for residual value is this:
residual value = observed value - predicted value

The predicted values all lie in the best fit line. So if the residual value is positive, this means that the observed value is greater than the predicted value or the point is above the best fit line.

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