WTI Crude Oil Climbs Higher Amid Market OptimismMarket Analysis: WTI Crude Oil Climbs Higher Amid Market Optimism
WTI Crude Oil price climbed higher above $66.50 and might extend gains.
Important Takeaways for WTI Crude Oil Price Analysis Today
- WTI Crude Oil price started a decent increase above the $66.60 resistance levels.
- There was a break above a connecting bearish trend line with resistance at $67.15 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 upward move from $65.50. The price gained bullish momentum after it broke the $66.50 resistance and the 50-hour simple moving average.
The bulls pushed the price above the $67.00 and $67.50 resistance levels. There was a break above a connecting bearish trend line with resistance at $67.15.
The recent high was formed at $67.63 and the price started a downside correction. There was a minor move toward the 23.6% Fib retracement level of the upward move from the $65.54 swing low to the $67.63 high.
The RSI is now above the 60 level. Immediate support on the downside is near the $67.15 zone. The next major support on the WTI Crude Oil chart is near the $66.60 zone or the 50% Fib retracement level, below which the price could test the $65.50 level. If there is a downside break, the price might decline toward $64.70. Any more losses may perhaps open the doors for a move toward the $63.50 support zone.
If the price climbs higher again, it could face resistance near $67.85. The next major resistance is near the $70.00 level. Any more gains might send the price toward the $72.50 level.
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