Market Analysis: WTI Crude Oil TumblesMarket Analysis: WTI Crude Oil Tumbles
WTI Crude oil is down over 10% and remains at risk of more losses.
Important Takeaways for WTI Crude Oil Price Analysis Today
- WTI Crude oil prices extended downsides below the $60.00 support zone.
- A major bearish trend line is forming with resistance near $57.25 on the hourly chart of XTI/USD at FXOpen.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $60.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $58.00.
There was a steady decline below the $57.75 pivot level. The bears even pushed the price below $56.20 and the 50-hour simple moving average. Finally, the price tested the $55.00 zone. The recent swing low was formed near $55.01, and the price is now consolidating losses.
There was a minor move above the $55.50 level. On the upside, immediate resistance is near the $56.10 level and the 23.6% Fib retracement level of the downward move from the $59.49 swing high to the $55.01 low.
The next resistance is near the $57.25 level. There is also a major bearish trend line forming with resistance near $57.25. The trend line is near the 50% Fib retracement level of the downward move from the $59.49 swing high to the $55.01 low.
The main resistance is near a trend line at $57.75. A clear move above the $57.75 zone could send the price toward $59.45. The next key resistance is near $62.25. If the price climbs further higher, it could face resistance near $63.20. Any more gains might send the price toward the $65.00 level.
Immediate support is near the $55.00 level. The next major support on the WTI crude oil chart is near $53.00. If there is a downside break, the price might decline toward $52.00. Any more losses may perhaps open the doors for a move toward the $50.00 support zone.
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