Market Analysis: Crude Oil Price Recovers
Crude oil price is recovering, and it could climb further higher toward the $78 resistance.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices rallied above the $71.00 and $73.00 resistance levels.
· There is a key bullish trend line forming with support near $73.00 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 decent recovery wave against the US Dollar. The price gained bullish momentum after it broke the $71.00 resistance.
There was a sustained upward move above the $72.00 and $73.00 resistance levels. The bulls pushed the price toward $75.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.
If the price climbs further higher, it could face resistance near $74.45. The first major resistance is near the $76.20 level. Any more gains might send the price toward the $78.00 level.
Conversely, the price might correct gains below the 23.6% Fib retracement level of the upward move from the $72.15 swing low to the $74.45 high. The next major support on the WTI crude oil chart is near a key bullish trend line at $73.00.
The 61.8% Fib retracement level of the upward move from the $72.15 swing low to the $74.45 high is also near $73.00. If there is a downside break, the price might decline toward $72.15. Any more losses may perhaps open the doors for a move toward the $71.00 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 rallied above the $71.00 and $73.00 resistance levels.
· There is a key bullish trend line forming with support near $73.00 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 decent recovery wave against the US Dollar. The price gained bullish momentum after it broke the $71.00 resistance.
There was a sustained upward move above the $72.00 and $73.00 resistance levels. The bulls pushed the price toward $75.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.
If the price climbs further higher, it could face resistance near $74.45. The first major resistance is near the $76.20 level. Any more gains might send the price toward the $78.00 level.
Conversely, the price might correct gains below the 23.6% Fib retracement level of the upward move from the $72.15 swing low to the $74.45 high. The next major support on the WTI crude oil chart is near a key bullish trend line at $73.00.
The 61.8% Fib retracement level of the upward move from the $72.15 swing low to the $74.45 high is also near $73.00. If there is a downside break, the price might decline toward $72.15. Any more losses may perhaps open the doors for a move toward the $71.00 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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