Market Analysis: Oil Price Eyes Recovery
Market Analysis: Oil Price Eyes Recovery
Crude oil price is recovering and it could climb further higher toward the $71.80 resistance.
Important Takeaways for Oil Price Analysis Today
- Crude oil prices are moving higher above the $68.90 resistance zone.
- There is a connecting bullish trend line forming with support at $69.50 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 decent increase against the US Dollar. The price gained bullish momentum after it broke the $68.90 resistance.
The bulls pushed the price above the 50-hour simple moving average and the RSI climbed toward 65. There was a clear move above the 50% Fib retracement level of the downward move from the $71.12 swing high to the $68.24 low.
Immediate resistance is near the $70.45 level. It is close to the 76.4% Fib retracement level of the downward move from the $71.12 swing high to the $68.24 low.
If the price climbs further higher, it could face resistance near $71.10. The next major resistance is near the $71.80 level. Any more gains might send the price toward the $72.50 level.
Conversely, the price might correct gains and test the $69.50 support. There is also a connecting bullish trend line forming with support at $69.50 and the 50-hour simple moving average.
The next major support on the WTI crude oil chart is near the $68.90 level. If there is a downside break, the price might decline toward $68.25. Any more losses may perhaps open the doors for a move toward the $66.50 support zone.
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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 price is recovering and it could climb further higher toward the $71.80 resistance.
Important Takeaways for Oil Price Analysis Today
- Crude oil prices are moving higher above the $68.90 resistance zone.
- There is a connecting bullish trend line forming with support at $69.50 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 decent increase against the US Dollar. The price gained bullish momentum after it broke the $68.90 resistance.
The bulls pushed the price above the 50-hour simple moving average and the RSI climbed toward 65. There was a clear move above the 50% Fib retracement level of the downward move from the $71.12 swing high to the $68.24 low.
Immediate resistance is near the $70.45 level. It is close to the 76.4% Fib retracement level of the downward move from the $71.12 swing high to the $68.24 low.
If the price climbs further higher, it could face resistance near $71.10. The next major resistance is near the $71.80 level. Any more gains might send the price toward the $72.50 level.
Conversely, the price might correct gains and test the $69.50 support. There is also a connecting bullish trend line forming with support at $69.50 and the 50-hour simple moving average.
The next major support on the WTI crude oil chart is near the $68.90 level. If there is a downside break, the price might decline toward $68.25. Any more losses may perhaps open the doors for a move toward the $66.50 support zone.
Trade on TradingView with FXOpen. Consider opening an account and access over 700 markets with tight spreads from 0.0 pips and low commissions from $1.50 per lot.
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.
Consider accessing over 700 markets with tight spreads from 0.0 pips and low commissions from $1.50 per lot.
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.
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.