Oil dropped from the resistance of 62.60 and managed to print a low around 58.77 last week.
As we see from the previous chart, prices face support around 58.50, which could lead to a rebound to re-test the 62.60 resistance.
Below 58.50 more of a drop will be expected with support at 56.00.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 58.50 | 62.60 |
| LEVEL2 | 56.00 | 64.35 |
| LEVEL3 | 54.80 | 66.20 |