Crude Oil Price Declines Further
Crude oil price is declining and remains at a risk of more losses below $75.
Important Takeaways for Oil
· Crude oil price started a fresh decline below the $80 support zone.
· There is a major bearish trend line forming with resistance near $76.65 on the hourly chart of XTI/USD.
Oil Price Technical Analysis
Crude oil price also started a fresh decline from the $81 resistance zone against the US Dollar. The price declined below the $78 level to move into a bearish zone.
The price even settled below the $76.50 level and the 50 hourly simple moving average. A low was formed near $75.18 and the price is now consolidating losses. On the upside, an immediate resistance is seen near the $75.85 level.
Oil price Hourly Chart
The 23.6% Fib retracement level of the downward move from the $78.12 swing high to $75.18 low is also near the $75.85 level. The first major resistance is near the $76.65 level and the 50 hourly simple moving average.
There is also a major bearish trend line forming with resistance near $76.65 on the hourly chart of XTI/USD. The trend line is near the 50% Fib retracement level of the downward move from the $78.12 swing high to $75.18 low.
The next major resistance is near the $78 zone, above which the price might accelerate higher towards $80.00 or even $82.00.
On the downside, an immediate support is near the $75.20 level. The next major support is near the $74.50 level. If there is a downside break, the price might decline towards $73.65. Any more losses may perhaps open the doors for a move towards the $72.00 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for Oil
· Crude oil price started a fresh decline below the $80 support zone.
· There is a major bearish trend line forming with resistance near $76.65 on the hourly chart of XTI/USD.
Oil Price Technical Analysis
Crude oil price also started a fresh decline from the $81 resistance zone against the US Dollar. The price declined below the $78 level to move into a bearish zone.
The price even settled below the $76.50 level and the 50 hourly simple moving average. A low was formed near $75.18 and the price is now consolidating losses. On the upside, an immediate resistance is seen near the $75.85 level.
Oil price Hourly Chart
The 23.6% Fib retracement level of the downward move from the $78.12 swing high to $75.18 low is also near the $75.85 level. The first major resistance is near the $76.65 level and the 50 hourly simple moving average.
There is also a major bearish trend line forming with resistance near $76.65 on the hourly chart of XTI/USD. The trend line is near the 50% Fib retracement level of the downward move from the $78.12 swing high to $75.18 low.
The next major resistance is near the $78 zone, above which the price might accelerate higher towards $80.00 or even $82.00.
On the downside, an immediate support is near the $75.20 level. The next major support is near the $74.50 level. If there is a downside break, the price might decline towards $73.65. Any more losses may perhaps open the doors for a move towards the $72.00 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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