Market Analysis: WTI Crude Oil Crashes As Trade War EscalatesMarket Analysis: WTI Crude Oil Crashes As Trade War Escalates
WTI Crude oil is down over 10% and remains at risk of more losses.
Important Takeaways for WTI Crude Oil Prices Analysis Today
- WTI Crude oil prices extended downsides below the $65.00 support zone.
- A major bearish trend line is forming with resistance near $60.70 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 $72.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $70.00.
There was a steady decline below the $65.60 pivot level. The bears even pushed the price below $62.20 and the 50-hour simple moving average. Finally, the price tested the $59.20 zone. The recent swing low was formed near $59.21, and the price is now consolidating losses.
There was a minor move above the $60.00 level. On the upside, immediate resistance is near the $60.70 level. There is also a major bearish trend line forming with resistance near $60.70.
The next resistance is near the $62.20 level and the 23.6% Fib retracement level of the downward move from the $71.97 swing high to the $59.21 low. The main resistance is near a trend line at $65.60.
The 50% Fib retracement level of the downward move from the $71.97 swing high to the $59.21 low is also near $65.60. A clear move above the $65.60 zone could send the price toward $68.70. The next key resistance is near $71.85. If the price climbs further higher, it could face resistance near $72.20. Any more gains might send the price toward the $75.00 level.
Immediate support is near the $59.20 level. The next major support on the WTI crude oil chart is near $58.00. If there is a downside break, the price might decline toward $55.00. Any more losses may perhaps open the doors for a move toward the $52.00 support zone.
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