During the past month, Oil reached a significant resistance level of $67. As someone should expect the price fell back sharply to $63 and to $58 within two weeks of time. Then the price started rising again and finally at $61 level.
Oil has to pass two significant resistance levels to continue the bullish trend. The first is at $62 and the second one is around $63. If Oil can close the price above $63, or keep the price above $63 for two market sessions Oil could go to retest the level at $67.
The most likely scenario is Oil would continue the downtrend movement until it reaches $57.5 and $55.
Oil has to pass two significant resistance levels to continue the bullish trend. The first is at $62 and the second one is around $63. If Oil can close the price above $63, or keep the price above $63 for two market sessions Oil could go to retest the level at $67.
The most likely scenario is Oil would continue the downtrend movement until it reaches $57.5 and $55.