$72.25 Break Could Push Oil to $75.8 Highs

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FxNews—The October 24 high at $72.25 is the immediate resistance. The uptrend will likely resume if bulls close and stabilize the price above this level. In this scenario, the next bullish target could be $73.4, followed by $75.8, the 78.6% Fibonacci retracement level.

Please note that the Crude Oil bullish outlook would be invalidated if crude oil prices fall below the $69.7 immediate support.

Support: 69.7 / 68.3
Resistance: 72.25 / 73.4 / 75.8