Market Analysis: Crude Oil Price Turn Green
Market Analysis: Crude Oil Price Turn Green
Crude oil prices are gaining bullish momentum and might rise toward $82.50.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices rallied above the $79.00 and $80.00 resistance levels.
- There is a key rising channel forming with support at $80.85 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 major upward move against the US Dollar. The price gained bullish momentum after it broke the $79.00 resistance.
There was a sustained upward move above the $80.0 and $80.45 resistance levels. The bulls pushed the price toward $81.50. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.
The price is holding gains above the 23.6% Fib retracement level of the upward move from the $77.52 swing low to the $81.34 high.
If the price climbs higher again, it could face resistance near $81.35. The next major resistance is near the $81.50 level. Any more gains might send the price toward the $82.50 level.
Conversely, the price might correct gains and test $80.85. There is also a rising channel forming with support at $80.85. The next major support on the WTI crude oil chart is near the $80.00 zone, below which the price could test the 50% Fib retracement level of the upward move from the $77.52 swing low to the $81.34 high at $79.00.
If there is a downside break, the price might decline toward $77.50. Any more losses may perhaps open the doors for a move toward the $76.00 support zone.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.
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.
Crude oil prices are gaining bullish momentum and might rise toward $82.50.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices rallied above the $79.00 and $80.00 resistance levels.
- There is a key rising channel forming with support at $80.85 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 major upward move against the US Dollar. The price gained bullish momentum after it broke the $79.00 resistance.
There was a sustained upward move above the $80.0 and $80.45 resistance levels. The bulls pushed the price toward $81.50. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.
The price is holding gains above the 23.6% Fib retracement level of the upward move from the $77.52 swing low to the $81.34 high.
If the price climbs higher again, it could face resistance near $81.35. The next major resistance is near the $81.50 level. Any more gains might send the price toward the $82.50 level.
Conversely, the price might correct gains and test $80.85. There is also a rising channel forming with support at $80.85. The next major support on the WTI crude oil chart is near the $80.00 zone, below which the price could test the 50% Fib retracement level of the upward move from the $77.52 swing low to the $81.34 high at $79.00.
If there is a downside break, the price might decline toward $77.50. Any more losses may perhaps open the doors for a move toward the $76.00 support zone.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.
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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