Market Analysis: Crude Oil Price RisesMarket Analysis: Crude Oil Price Rises
Crude oil is recovering and might rise toward the $78.40 resistance zone.
Important Takeaways for Oil Prices Analysis Today
- Crude oil is recovering losses and trading above the $74.30 support.
- There was a break above a connecting bearish trend line with resistance near $73.50 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 found support near the $72.40 zone against the US Dollar. The price formed a base and started a recovery wave above $73.50 and the 50-hour simple moving average.
The bulls were able to push the price toward the 50% Fib retracement level of the downward move from the $78.42 swing high to the $72.42 swing low. Besides, there was a break above a connecting bearish trend line with resistance near $73.50.
The hourly RSI is near the 65 level, but the price is struggling near $75.50. The next resistance is near the 61.8% Fib retracement level of the downward move from the $78.42 swing high to the $72.42 swing low at $76.15.
A clear move above the $76.15 could send the price toward the $77.50 resistance. Any more gains might send the price toward the $78.40 level. Conversely, the price might start a fresh decline from the $75.50 resistance.
Immediate support sits near the $74.30 level. The next major support on the WTI crude oil chart is $72.40. If there is a downside break, the price might decline toward $72.40. Any more losses may perhaps open the doors for a move toward the $71.20 support zone.
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