OIL chart overview

On Friday, we saw a recovery in oil prices after falling to the $73.00 level. A bullish impulse followed, pushing the price to $75.70 at the end of the day. During the Asian trading session, we see new volatility in oil prices and a new pullback below the $75.00 support level. The fall does not stop there, and the price slides to this morning's low at $73.80. For a bearish option, we need a continuation of the current negative consolidation and a drop to support $73.00. A break below could send the price to last week's low at $70.00. We need a positive consolidation and a move above the $76.00 level for a bullish option. Additional resistance at that level is in the upper trend line. A price break above would certainly be beneficial to us. And potential higher targets are the $77.00 and $78.00 levels.