Crude Oil collapsed with the hopes over a deal between Iran and the USA to break below the 77.50 support.
As we see from the chart, and as long as the market remains below 77.50, more of a drop is likely while support at 70.70 could lead to a rebound.
Above 70.50 more advance is expected with resistance at 80.50.
The next move depends on the progress of negotiations between Iran and the United States.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 72.50 | 75.35 |
| LEVEL2 | 70.70 | 77.50 |
| LEVEL3 | 67.00 | 80.50 |