Crude Oil Price Face Key Hurdles
Crude oil price is consolidating losses and struggling to recover above $75.20.
Important Takeaways for Oil
· Crude oil prices declined heavily below the $79.00 and $76.50 support levels.
· There is a major bearish trend line forming with resistance near $75.20 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the hourly chart of Crude Oil at FXOpen, the price started a fresh decline from well above $80.00 against the US Dollar. The price declined heavily below the $76.50 support zone.
Finally, it tested the $74.00 support zone. A low is formed near $74.00 and the price is now attempting a recovery wave. It is testing the 23.6% Fib retracement level of the downward move from the $79.00 swing high to the $74.00 low.
There is also a major bearish trend line forming with resistance near $75.20 and the 50-hour simple moving average. An upside break above the trend line resistance might send the price further higher.
The first major resistance is near the 50% Fib retracement level of the downward move from the $79.00 swing high to the $74.00 low at $76.50, above which the price might accelerate higher toward $79.00. Any more gains might send the price toward the $80.00 level in the coming days.
On the downside, support is near the $74.00 level. The next major support is near $72.50. If there is a downside break, the price might decline toward $70.00. Any more losses may perhaps open the doors for a move toward the $68.00 support zone.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Important Takeaways for Oil
· Crude oil prices declined heavily below the $79.00 and $76.50 support levels.
· There is a major bearish trend line forming with resistance near $75.20 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the hourly chart of Crude Oil at FXOpen, the price started a fresh decline from well above $80.00 against the US Dollar. The price declined heavily below the $76.50 support zone.
Finally, it tested the $74.00 support zone. A low is formed near $74.00 and the price is now attempting a recovery wave. It is testing the 23.6% Fib retracement level of the downward move from the $79.00 swing high to the $74.00 low.
There is also a major bearish trend line forming with resistance near $75.20 and the 50-hour simple moving average. An upside break above the trend line resistance might send the price further higher.
The first major resistance is near the 50% Fib retracement level of the downward move from the $79.00 swing high to the $74.00 low at $76.50, above which the price might accelerate higher toward $79.00. Any more gains might send the price toward the $80.00 level in the coming days.
On the downside, support is near the $74.00 level. The next major support is near $72.50. If there is a downside break, the price might decline toward $70.00. Any more losses may perhaps open the doors for a move toward the $68.00 support zone.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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