Oil managed to hold below the downtrend line early today to drop and close towards the support of 54.80.
As we see over the previous chart, if prices hold above 54.80, a chance for a rebound toward 57.05 and 58.00 could hit the market.
Below 54.80 more of a drop towards 52.50 and 50.50 will be expected.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 54.80 | 57.05 |
| LEVEL2 | 52.50 | 58.80 |
| LEVEL3 | 50.50 | 60.30 |