Crude Oil Price Dips Amid Israel-Hamas War
Crude oil price saw swing moves and is now trading below the $83.70 resistance.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices failed to clear the $86.00 region and corrected gains.
· There is a connecting bearish trend line forming with resistance near $83.00 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 fresh increase against the US Dollar. The price gained bullish momentum after it broke the $83.70 resistance.
However, the bears were active near the $86.00 zone and the price reacted to the downside. The war situation in Israel is tense and putting pressure on oil prices. There was a drop back toward the $81.40 support.
It is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $85.97 swing high to the $81.43 low, and the RSI is below 50. If there is a fresh increase, it could face resistance near $83.00, a connecting trend line, and the 50-hour simple moving average.
The first major resistance is near the 50% Fib retracement level of the downward move from the $85.97 swing high to the $81.43 low at $83.70. Any more gains might send the price toward the $85.40 level.
Conversely, the price might continue to move down and revisit the $81.40 support. The next major support on the WTI crude oil chart is $81.00. If there is a downside break, the price might decline toward $78.50. Any more losses may perhaps open the doors for a move toward the $76.50 support zone.
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 failed to clear the $86.00 region and corrected gains.
· There is a connecting bearish trend line forming with resistance near $83.00 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 fresh increase against the US Dollar. The price gained bullish momentum after it broke the $83.70 resistance.
However, the bears were active near the $86.00 zone and the price reacted to the downside. The war situation in Israel is tense and putting pressure on oil prices. There was a drop back toward the $81.40 support.
It is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $85.97 swing high to the $81.43 low, and the RSI is below 50. If there is a fresh increase, it could face resistance near $83.00, a connecting trend line, and the 50-hour simple moving average.
The first major resistance is near the 50% Fib retracement level of the downward move from the $85.97 swing high to the $81.43 low at $83.70. Any more gains might send the price toward the $85.40 level.
Conversely, the price might continue to move down and revisit the $81.40 support. The next major support on the WTI crude oil chart is $81.00. If there is a downside break, the price might decline toward $78.50. Any more losses may perhaps open the doors for a move toward the $76.50 support zone.
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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