Oil completes another leg down

The price of WTI oil has been falling from the 75.00 area from where it bounced to the downside to break below the 72.07 level and fall to the 55 day EMA (purple line) as shown on the daily chart. After the first leg down, the price of WTI oil consolidates for a couple of sessions around the 70.00 level and the 55 day EMA. At the beginning of this week, the price of oil accelerates its bearish momentum and breaks below the 68.00 level to reach a low around the 66.65 level. If the price of WTI oil keeps dropping, then the 65.00 zone could act as a support, followed by the 200 day EMA (blue line), which could also act as support along with the 62.00 level. To the upside, in case of a bullish pullback, the price may find some resistance around the 70.00 level. For now the price of crude may head in any direction, really, depending on the developments in the Middle East around Iranian sanctions.