Crude Oil: Long-Term Outlook
Crude oil price is rising and it could climb further higher toward $85.
Important Takeaways for Oil Prices Analysis Today
Oil Price Technical Analysis
On the daily 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.
Besides, there was a break above a key contracting triangle with resistance near $71.00. The price climbed above the $75.00 pivot level as mentioned in the previous analysis. Finally, the bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $84.53 swing high to the $63.90 low.
The price is now trading above the 50-day simple moving average, and the 76.4% Fib retracement level of the downward move from the $84.53 swing high to the $63.90 low.
It seems like the bulls are aiming for a test of $83.70. If the price climbs further higher, it could face resistance near $85.00. Any more gains might send the price toward the $88.00 level.
Conversely, the price might correct gains and test the $76.75 support. The first major support is near the 50-hour simple moving average or $73.80. 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 $67.15. Any more losses may perhaps open the doors for a move toward the $65.00 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 $76.75 resistance zone.
- There was a break above a key contracting triangle with resistance near $71.00 on the daily chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the daily 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.
Besides, there was a break above a key contracting triangle with resistance near $71.00. The price climbed above the $75.00 pivot level as mentioned in the previous analysis. Finally, the bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $84.53 swing high to the $63.90 low.
The price is now trading above the 50-day simple moving average, and the 76.4% Fib retracement level of the downward move from the $84.53 swing high to the $63.90 low.
It seems like the bulls are aiming for a test of $83.70. If the price climbs further higher, it could face resistance near $85.00. Any more gains might send the price toward the $88.00 level.
Conversely, the price might correct gains and test the $76.75 support. The first major support is near the 50-hour simple moving average or $73.80. 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 $67.15. Any more losses may perhaps open the doors for a move toward the $65.00 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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