Oil chart overview

At the beginning of the Asian session, the oil price fell to its lowest level this week to $ 98.11. Positive consolidation soon followed, and the price was again above the $ 100 level. By the middle of the European session, the oil price recovered by 5 dollars, jumping to 103.32 dollars. We now have a smaller withdrawal of up to $ 102.55. the highest volatility on the oil chart was in the $ 101.90-102.10 zone, and here we can look for potential support to continue the bullish trend. Our next target is yesterday's high at $ 104.15. A break above would be a sign that the price has formed a bottom from which it can continue towards the previous resistance zone of $ 110.00-111.00. For the bearish option, we need to withdraw the price to the previous low of $ 98.11. If the price stays in that place longer, maybe then we will see a breakout below. Potential lower support levels are at $ 97.00 and $ 96.00 prices.