Market Analysis: Oil Prices Aim For Further Gains
Updated
Crude oil prices are gaining bullish momentum and might even test. $80.00.
Important Takeaways for Oil Price Analysis Today
- Crude oil prices extended gains above the $75.70 and $76.40 resistance levels.
- There is a connecting bearish trend line forming with resistance at $77.10 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 upward move from $75.70 against the US Dollar. The price gained bullish momentum after it broke the $76.40 resistance.
The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $78.58 swing high to the $75.69 low. The price even climbed above the 50-hour simple moving average.
It tested the $77.10 resistance zone and a connecting bearish trend line. The trend line is close to the 50% Fib retracement level of the downward move from the $78.58 swing high to the $75.69 low. The RSI is now near the 50 level and the price could aim for more gains.
If the price climbs higher again, it could face resistance near $77.10. The next major resistance is near the $77.60 level. Any more gains might send the price toward the $78.55 level or even $80.00.
Conversely, the price might correct gains and test the $76.40 level. The next major support on the WTI crude oil chart is near the $75.70 zone, below which the price could test the $74.90 zone.
If there is a downside break, the price might decline toward $74.20. Any more losses may perhaps open the doors for a move toward the $73.50 support zone.
Important Takeaways for Oil Price Analysis Today
- Crude oil prices extended gains above the $75.70 and $76.40 resistance levels.
- There is a connecting bearish trend line forming with resistance at $77.10 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 upward move from $75.70 against the US Dollar. The price gained bullish momentum after it broke the $76.40 resistance.
The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $78.58 swing high to the $75.69 low. The price even climbed above the 50-hour simple moving average.
It tested the $77.10 resistance zone and a connecting bearish trend line. The trend line is close to the 50% Fib retracement level of the downward move from the $78.58 swing high to the $75.69 low. The RSI is now near the 50 level and the price could aim for more gains.
If the price climbs higher again, it could face resistance near $77.10. The next major resistance is near the $77.60 level. Any more gains might send the price toward the $78.55 level or even $80.00.
Conversely, the price might correct gains and test the $76.40 level. The next major support on the WTI crude oil chart is near the $75.70 zone, below which the price could test the $74.90 zone.
If there is a downside break, the price might decline toward $74.20. Any more losses may perhaps open the doors for a move toward the $73.50 support zone.
Trade active
Hello, trader.
The journey of trading in the market is a challenging and rewarding adventure. We start each day with market research and chart analysis. This week, thanks to a sound strategy and good risk management, we have made substantial profits. On Friday afternoon, when the market closed, people were filled with satisfaction and pride that the hard work had paid off.
With profits in hand, this weekend we can relax and enjoy life, from picnicking with family to enjoying delicious meals. Taking a break will help you recharge your batteries and mentally prepare for the new trading week. Trading is not just about profit, it is also about maturity, patience and the ability to adapt in a turbulent world
So I wanted to tell you, Dear friend, If your account is losing money, or your account is locked, or you are a new trader, you can contact me, no matter how much money you have, you can get my help!
Trade active
We make enough profit every day by buying and selling internal signals. With my help, everyone made a lot of money. If your trade does not have an accurate technical analysis, do not hesitate! Contact me and I will provide you with the knowledge and signals for success with precision and skilled technique.
Let's make trouble together, let's make money together!
Trade active
Don't lose money. Don't lose your chips. A speculator without cash is like a store owner without inventory. Cash is the speculator's inventory, it is his lifeline, it is his best friend, without it, you can not do business, do not throw away your cash! Summary purification: 1, batch buying; 2, 10% stop loss; 3. Hold cash and wait patiently for all favorable conditions to appear; 4, cut off losses, let profits run; 5. Take half of the profit; 6. Trade strong stocks; 7. Stay away from news and insider information; 8, determine the risk-return ratio, patiently wait for the big market; 9, determine the stop loss, buy and stop profit; 10, time stop loss; 11, the fundamentals continue to be excellent.Trade active
Profit is our only goal in entering the market. If you invest money, you must get a return, otherwise it is a waste of time. If your transaction is not going well, you can contact me.
Trade active
Time waits for no man, and profit waits for no man. Please join us as soon as possible to profit early. Join us late, profit late. Without joining us, your own trading may not be profitable.
Thank you to those who believed in me, thank you to those who quietly supported me, you gave me motivation. I hope the market analysis and trading signals I share daily are helpful. I also sincerely want to help everyone who needs help, let's make money together happily!
Trade active
I have been trading for many years, in the early days, I also blindly traded, which led to a lot of losses and burned my account. Later, I studied hard to learn how to trade and researched various investments, also in order to help more people. Because I deeply understand the confusion traders face, I now release many accurate signals every day. Keep a huge profit every week, if you are now also because of trading losses, or account locked, or you are a new trader, you can contact me, no matter how much money you have, you can get my help!
Trade active
If you stay in the market, you won’t be happy, and if you leave the market, you won’t be happy. This is a problem faced by many traders. Why do others make money while I keep losing money? what reason? Three-point analysis and seven-point operation. To make money in this market requires not only correct market analysis, but also scientific risk management. Correct psychological control, if you are currently losing money, or your account is locked, or you are a new trader, you can contact me, maybe I can help you!Trade active
The profit this week reached 260%, which is a very generous profit. If you want to synchronize my transaction, you can contact me and I will help you.Trade active
If you are a new trader, the current situation continues to lose, profit is not ideal, you can contact me.
We have live trading signal updates every day.
Trade active
I am very glad that my VIP users have exceeded 2000 members, which means that I can help more people. Thank you very much for your trust. You have obtained good profits here and introduced more people to join, and everyone can get more commission, which is a benign development. At present, most of the 2,000 VIP users are from the United States and the United Kingdom. I am very willing to deal with users from the United States and the United Kingdom, and my biggest customers are from the United States and the United Kingdom whose capital exceeds 5 million dollars. If there are US and UK users who want to join my VIP team, please contact me directly and I will give you some extra surprises as gifts. If necessary, I can also arrange face-to-face communication between you, so that you can know more about our services
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.