Market Analysis: Oil Prices Signal More Upsides
Market Analysis: Oil Prices Signal More Upsides
Crude oil prices climbed higher above $76.00 before the bears appeared.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices extended gains above the $76.00 and $77.00 resistance levels.
- There was a break below a key bullish trend line with support at $75.80 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 major upward move from $71.35 against the US Dollar. The price gained bullish momentum after it broke the $73.60 resistance.
The bulls pushed the price above the $75.00 and $75.80 resistance levels. The recent high was formed at $77.18 and the price started a downside correction below the 50-hour simple moving average. The RSI dipped below the 50 level and the price broke the 23.6% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high.
There was also a break below a key bullish trend line with support at $75.80. Immediate support on the downside is near the $75.00 level.
The next major support on the WTI crude oil chart is near the $74.25 zone or the 50% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high, below which the price could test the $73.60 zone.
If there is a downside break, the price might decline toward $72.70. Any more losses may perhaps open the doors for a move toward the $71.35 support zone.
If the price climbs higher again, it could face resistance near $75.80. The next major resistance is near the $77.20 level. Any more gains might send the price toward the $78.80 level.
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.
Crude oil prices climbed higher above $76.00 before the bears appeared.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices extended gains above the $76.00 and $77.00 resistance levels.
- There was a break below a key bullish trend line with support at $75.80 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 major upward move from $71.35 against the US Dollar. The price gained bullish momentum after it broke the $73.60 resistance.
The bulls pushed the price above the $75.00 and $75.80 resistance levels. The recent high was formed at $77.18 and the price started a downside correction below the 50-hour simple moving average. The RSI dipped below the 50 level and the price broke the 23.6% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high.
There was also a break below a key bullish trend line with support at $75.80. Immediate support on the downside is near the $75.00 level.
The next major support on the WTI crude oil chart is near the $74.25 zone or the 50% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high, below which the price could test the $73.60 zone.
If there is a downside break, the price might decline toward $72.70. Any more losses may perhaps open the doors for a move toward the $71.35 support zone.
If the price climbs higher again, it could face resistance near $75.80. The next major resistance is near the $77.20 level. Any more gains might send the price toward the $78.80 level.
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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