Oil market retains upward movement vector amid escalation of the situation in the Middle East.
Beside the situation in the Middle East today investors will also follow the actual data from API on oil inventories in USA.
On the chart the price was able to stabilize above the 66.60 level creating good premises for further development of upward movement in direction of 72.50 level.
Resistance levels: 69.00, 71.00, 72.50;
Support levels: 66.60, 63.60, 62.30.
Main scenario: Retest of support at 66.60 and resumption of upward movement.
Alternative scenario: Break of support at 66.60 and decline towards 63.30.
Market retains positive sentiment for oil prices. Bullish signals prevail on the chart. For intraday trading we give preference to long-positions considering them at the 66.60 level.