Market Analysis: Crude Oil Price Aims Higher
Crude oil price is rising and it could climb further higher toward the $75.90 resistance.
Important Takeaways for Oil Prices Analysis Today
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent increase against the US Dollar. The price gained bullish momentum after it broke the $71.00 resistance as mentioned in the previous analysis.
There was a sustained upward move above the $71.50 and $72.20 levels. The bulls pushed the price above the 50% Fib retracement level of the recent drop from the $74.02 swing high to the $71.14 low.
It is now trading above the 50-hour simple moving average and the RSI is rising toward 65. Immediate resistance is near the 76.4% Fib retracement level of the recent drop from the $74.02 swing high to the $71.14 low at $73.35.
If the price climbs further higher, it could face resistance near $74.00. The next major resistance is near the $75.90 level. Any more gains might send the price toward the $78.00 level.
Conversely, the price might correct gains and retest the 50-hour simple moving average and a connecting bullish trend line at $72.60. The next major support on the WTI crude oil chart is near $71.00.
If there is a downside break, the price might decline toward $69.40. Any more losses may perhaps open the doors for a move toward the $68.00 support zone.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices are moving higher above the $71.00 resistance zone.
- There is a key bullish trend line forming with support near $72.60 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent increase against the US Dollar. The price gained bullish momentum after it broke the $71.00 resistance as mentioned in the previous analysis.
There was a sustained upward move above the $71.50 and $72.20 levels. The bulls pushed the price above the 50% Fib retracement level of the recent drop from the $74.02 swing high to the $71.14 low.
It is now trading above the 50-hour simple moving average and the RSI is rising toward 65. Immediate resistance is near the 76.4% Fib retracement level of the recent drop from the $74.02 swing high to the $71.14 low at $73.35.
If the price climbs further higher, it could face resistance near $74.00. The next major resistance is near the $75.90 level. Any more gains might send the price toward the $78.00 level.
Conversely, the price might correct gains and retest the 50-hour simple moving average and a connecting bullish trend line at $72.60. The next major support on the WTI crude oil chart is near $71.00.
If there is a downside break, the price might decline toward $69.40. Any more losses may perhaps open the doors for a move toward the $68.00 support zone.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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