We start analyzing#oilon the daily frame 1D
Oil is now trading in a very strong support area from which it has bounced more than once, which is the $68 area and the $65 area
Tomorrow is important for us to determine the direction of oil if oil can bounce and rise to the 70 area and a daily close above it is considered positive and it is likely to continue rising to the 72, 76 and 80 areas again
In case of a decline, the price must be monitored if it can bounce from the 65 area it is considered positive
The negative in oil is breaking the 65 area and closing below it after which the price may drop further to reach 62$ and 58$ .
Conclusion: Support areas 68 and 65$ which are considered strong bounce areas, in case of stability above them,
Resistance areas. 72 - 76 - 80
In case of breaking the support of 65, the rebound areas are 62 - 58
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