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Crude oil prices showed a profit booking after a massive rally of more than $10 due to the escalation of Middle East tension. It hit an intraday high of $77.57 and currently trading around $72.91.
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Price Resistance and Support Levels
The near-term resistance is around $73.52; any breach above this level could push prices higher to $74.30/$75/$76.07/$78. On the downside, immediate support is at $70.70 violation below targets of $68.60/$66.65/$65.
It is good to buy on dips around $71 with a stop-loss around $68.80 and a target price of $77.70/$80.
