WTI oil rallied 2.5% in Asia

WTI oil surged 2.5% in Asian session on Monday and hit the highest level in nearly six months.
After being closed for holiday on Friday, oil accelerated strongly at the start of the week, driven by news that the US is preparing to announce that buyers of Iranian oil which were temporarily exempted, need to end imports or face sanctions.
The announcement further boosted bullish sentiment, sending oil price to new 2019 high, with scope for further advance, as studies remain in full bullish setup.
Bulls focus targets at $68.73 (29 Oct lower high) and $68.73 (Fibo 76.4% of $76.88/$42.36), with possible extension towards psychological $70.00 barrier.
Consolidative / corrective actions should be anticipated in the near-term on overbought techs / profit-taking, with dips seen as positioning for fresh advance.
Former high at $64.77 (9 Apr) marks initial support, followed by rising 10SMA ($64.20) and broken Fibo barrier at $63.69 (61.8% of $76.88/$42.36), which is expected to contain dips.

Res: 65.96; 66.14; 66.56; 67.24
Sup: 64.77; 64.20; 63.69; 62.98