US-Iran Crisis May Cause Some Big Swings on USOIL

The market continues to move inside the green and yellow channels.

It is likely that we are now seeing a rapid increase in the price inside the green channel in the direction of the intersection of the green and yellow bounds. At this point, there is a significant resistance level of 68.93, after the market reaches this level, we can see the beginning of a new bearish trend.

An alternative scenario is possible if the market breaks the lower wall of the green channel and support of 60.79. A break of this level will mean that the bulls have started to lose strength and that they have an opportunity to start moving down to the next important support level of 52.39, which is on the lower yellow wall.