Market Analysis: Crude Oil Price Recovers
Market Analysis: Crude Oil Price Recovers
Crude oil is recovering and might rise toward the $81.20 resistance zone.
Important Takeaways for Oil Price Analysis Today
Oil Price Technical Analysis
On the FXOpen hourly chart of WTI Crude Oil, the price found support near the $76.70 zone, formed a base, and started a recovery wave above $77.75 and the 50-hour simple moving average.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $81.22 swing high to the $76.68 swing low. Besides, there was a break above a connecting bearish trendline with a resistance near $78.40.
The hourly RSI is near the 65 level, but the price is struggling near $79.50. It is close to the 61.8% Fib retracement level of the downward move from the $81.22 swing high to the $76.68 swing low.
A clear move above $79.50 could send the price toward the $81.20 resistance. Any more gains might send the price toward the $83.00 level. Conversely, the price might start a fresh decline from the $79.50 resistance.
Immediate support sits near $78.55. The next major support on the WTI crude oil chart is $77.75. If there is a downside break, the price might decline toward $76.70. Any more losses may perhaps open the doors for a move toward the $75.00 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.
Crude oil is recovering and might rise toward the $81.20 resistance zone.
Important Takeaways for Oil Price Analysis Today
- Crude oil is recovering losses and trading above the $78.55 support.
- There was a break above a connecting bearish trendline with resistance near $78.40 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the FXOpen hourly chart of WTI Crude Oil, the price found support near the $76.70 zone, formed a base, and started a recovery wave above $77.75 and the 50-hour simple moving average.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $81.22 swing high to the $76.68 swing low. Besides, there was a break above a connecting bearish trendline with a resistance near $78.40.
The hourly RSI is near the 65 level, but the price is struggling near $79.50. It is close to the 61.8% Fib retracement level of the downward move from the $81.22 swing high to the $76.68 swing low.
A clear move above $79.50 could send the price toward the $81.20 resistance. Any more gains might send the price toward the $83.00 level. Conversely, the price might start a fresh decline from the $79.50 resistance.
Immediate support sits near $78.55. The next major support on the WTI crude oil chart is $77.75. If there is a downside break, the price might decline toward $76.70. Any more losses may perhaps open the doors for a move toward the $75.00 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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