Oil closed at target and resistance of 62.60 before dropping rapidly after President Donald Trump signalled that he might hold off on attacking Iran for now.
As we see over the chart, prices still face support at 58.80, where if the market holds above it, the chance for a trading zone towards 62.60 is likely.
Above 62.60, more advance will be expected.
Below 57.50, more of a drop toward 55.60 is likely.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 58.80 | 62.60 |
| LEVEL2 | 57.50 | 64.50 |
| LEVEL3 | 55.60 | 66.15 |