Oil managed to hit the target of 66.15 a few weeks ago.
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.
Intraday levels show the first support around 64.00-50, where as long as the market holds above it, the advance wave could continue towards the second target at 70.00.
Below 64.00 more of a drop to re-test 60.00-6100 is likely.
Below 60.00 the drop pressure could return with supports at 57.00 and 55.60.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 64.00-50 | 67.20 |
| LEVEL2 | 61.75 | 69.15 |
| LEVEL3 | 60.00 | 70.20 |
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