Oil managed to hit the target of 66.15 a few weeks ago.
The market managed to retreat on faded tensions between U.S and Iran, at least for now, whilst prices re-tested the support channel around 62.50.
As the tension between U.S. and Iran could return, the Oil market could face some volatility.
As we see from the chart, prices could hold this uptrend channel as long as the market holds the support 60.00-61.00 intact.
Resistance zone at 66.15 could open the door for further advance towards 70.00.
Below 60.00 the drop pressure could return with supports at 57.00 and 55.60.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 63.95 | 65.35-65 |
| LEVEL2 | 62.10 | 66.35 |
| LEVEL3 | 60.00 | 68.30 |