Oil managed to hit high around 64.10 two weeks ago as prices tested the support zone of 59.50-90.
As we see over the chart, prices face resistance around 64.80 and support around 59.50-90 which could keep the market inside this trading zone.
Above 64.80 price action could advance with a target towards 66.90.
Below 59.50 more of a drop will be expected with supports around 57.60 and 55.20.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 61.45 | 64.10 |
| LEVEL2 | 59.50-90 | 64.80 |
| LEVEL3 | 57.60 | 66.90 |
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Interesting how oil continues to respect that 59.50–64.80 range. I wonder if upcoming macroeconomic data could be the catalyst that finally pushes it out of this zone.