Crude Oil At Risk of More Losses
Crude oil price is also declining and remains at a risk of more losses below $70.75.
Important Takeaways for Oil Prices Analysis Today
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to rise above the $74.60 resistance against the US Dollar. A high was formed near $74.66, and the price moved down.
There was a break below a major bullish trend line with support near $73.50. The price declined below the 50-hour simple moving average, and the RSI dropped to 25. A low is formed near $70.97, and the price is now consolidating losses.
It is trading near the 23.6% Fib retracement level of the recent decline from the $74.66 swing high to the $70.75 low, above which the price might attempt a recovery.
The first major resistance is near the 50% Fib retracement level of the recent decline from the $74.66 swing high to the $70.75 low at $72.80. Any more gains might send the price toward the $73.50 level in the coming days.
On the downside, support is near the $70.75 level. The next major support on the WTI crude oil chart is near $70.20. If there is a downside break, the price might decline toward $68.80. Any more losses may perhaps open the doors for a move toward the $66.50 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 also moving lower below $72.80 and $72.00 levels.
- There was a break below a major bullish trend line with support near $73.50 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 struggled to rise above the $74.60 resistance against the US Dollar. A high was formed near $74.66, and the price moved down.
There was a break below a major bullish trend line with support near $73.50. The price declined below the 50-hour simple moving average, and the RSI dropped to 25. A low is formed near $70.97, and the price is now consolidating losses.
It is trading near the 23.6% Fib retracement level of the recent decline from the $74.66 swing high to the $70.75 low, above which the price might attempt a recovery.
The first major resistance is near the 50% Fib retracement level of the recent decline from the $74.66 swing high to the $70.75 low at $72.80. Any more gains might send the price toward the $73.50 level in the coming days.
On the downside, support is near the $70.75 level. The next major support on the WTI crude oil chart is near $70.20. If there is a downside break, the price might decline toward $68.80. Any more losses may perhaps open the doors for a move toward the $66.50 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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