Crude Oil Price Tumbles
Crude oil prices declined heavily below the $80.00 support and moved into a bearish zone.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices dived toward the $75 zone before the bulls appeared.
· A key bearish trend line is forming with resistance near $76.90 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 struggled to continue higher above $83.30 against the US Dollar. The price formed a short-term top and started a fresh decline below $80.00.
There was a steady decline below the $78.00 pivot level. The bears even pushed the price below $77.00 and the 50-hour simple moving average. Finally, the price tested the $75.00 zone. A low is formed near $74.90 and the price is now consolidating losses.
It is stuck near the 50-hour simple moving average. Immediate support is near the $74.90 level. The next major support on the WTI crude oil chart is near $74.20. If there is a downside break, the price might decline toward $72.50. Any more losses may perhaps open the doors for a move toward the $70.00 support zone.
On the upside, immediate resistance is near a key bearish trend line at $76.90. The trend line is near the 23.6% Fib retracement level of the downward move from the $83.32 swing high to the $74.90 low.
A clear move above the trend line resistance could send the price toward $80.10. It coincides with the 61.8% Fib retracement level of the downward move from the $83.32 swing high to the $74.90 low.
The next key resistance is near $83.30. If the price climbs further higher, it could face resistance near $85.00. Any more gains might send the price toward the $88.00 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.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices dived toward the $75 zone before the bulls appeared.
· A key bearish trend line is forming with resistance near $76.90 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 struggled to continue higher above $83.30 against the US Dollar. The price formed a short-term top and started a fresh decline below $80.00.
There was a steady decline below the $78.00 pivot level. The bears even pushed the price below $77.00 and the 50-hour simple moving average. Finally, the price tested the $75.00 zone. A low is formed near $74.90 and the price is now consolidating losses.
It is stuck near the 50-hour simple moving average. Immediate support is near the $74.90 level. The next major support on the WTI crude oil chart is near $74.20. If there is a downside break, the price might decline toward $72.50. Any more losses may perhaps open the doors for a move toward the $70.00 support zone.
On the upside, immediate resistance is near a key bearish trend line at $76.90. The trend line is near the 23.6% Fib retracement level of the downward move from the $83.32 swing high to the $74.90 low.
A clear move above the trend line resistance could send the price toward $80.10. It coincides with the 61.8% Fib retracement level of the downward move from the $83.32 swing high to the $74.90 low.
The next key resistance is near $83.30. If the price climbs further higher, it could face resistance near $85.00. Any more gains might send the price toward the $88.00 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.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.