Oil managed to meet the target of 54.80 which caused a rebound to test today the 57.05 resistance.
As we see over our previous chart, the market is facing a trading zone between support 54.80 and resistance 57.05.
Above 57.05 more advance to re-test the 59.00 resistance could hit the market.
Below 54.80 more of a drop toward 50.50 is likely.

 

SUPPORT RESISTANCE
LEVEL1 54.80 57.05
LEVEL2 52.50 59.00
LEVEL3 50.50 60.10-30

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