Market Analysis: Oil Prices Aim For Further Gains
Updated
Crude oil prices are gaining bullish momentum and might even test. $80.00.
Important Takeaways for Oil Price Analysis Today
- Crude oil prices extended gains above the $75.70 and $76.40 resistance levels.
- There is a connecting bearish trend line forming with resistance at $77.10 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 fresh upward move from $75.70 against the US Dollar. The price gained bullish momentum after it broke the $76.40 resistance.
The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $78.58 swing high to the $75.69 low. The price even climbed above the 50-hour simple moving average.
It tested the $77.10 resistance zone and a connecting bearish trend line. The trend line is close to the 50% Fib retracement level of the downward move from the $78.58 swing high to the $75.69 low. The RSI is now near the 50 level and the price could aim for more gains.
If the price climbs higher again, it could face resistance near $77.10. The next major resistance is near the $77.60 level. Any more gains might send the price toward the $78.55 level or even $80.00.
Conversely, the price might correct gains and test the $76.40 level. The next major support on the WTI crude oil chart is near the $75.70 zone, below which the price could test the $74.90 zone.
If there is a downside break, the price might decline toward $74.20. Any more losses may perhaps open the doors for a move toward the $73.50 support zone.
Important Takeaways for Oil Price Analysis Today
- Crude oil prices extended gains above the $75.70 and $76.40 resistance levels.
- There is a connecting bearish trend line forming with resistance at $77.10 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 fresh upward move from $75.70 against the US Dollar. The price gained bullish momentum after it broke the $76.40 resistance.
The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $78.58 swing high to the $75.69 low. The price even climbed above the 50-hour simple moving average.
It tested the $77.10 resistance zone and a connecting bearish trend line. The trend line is close to the 50% Fib retracement level of the downward move from the $78.58 swing high to the $75.69 low. The RSI is now near the 50 level and the price could aim for more gains.
If the price climbs higher again, it could face resistance near $77.10. The next major resistance is near the $77.60 level. Any more gains might send the price toward the $78.55 level or even $80.00.
Conversely, the price might correct gains and test the $76.40 level. The next major support on the WTI crude oil chart is near the $75.70 zone, below which the price could test the $74.90 zone.
If there is a downside break, the price might decline toward $74.20. Any more losses may perhaps open the doors for a move toward the $73.50 support zone.
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