USOIL - Sensitive Movement

The oil price has continued its upward movement and is likely to rise toward 70.50 or touch this level before initiating the decline scenario.

A breakout above 70.50 could push the price toward the next resistance at 71.78.

However, the chart predominantly suggests a bearish outlook. We expect that once the price reaches 70.50, the bearish trend will resume, targeting the support levels at 68.64 and 67.84.