Market Analysis: Crude Oil Price Correct Recent Gains
Market Analysis: Crude Oil Price Correct Recent Gains
Crude oil prices are also moving lower from the $82.20 resistance zone.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices extended downsides below the $81.30 support zone.
- A major contracting triangle is forming with resistance near $80.70 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 $82.20 against the US Dollar. The price formed a short-term top and started a fresh decline below $81.30.
The bears even pushed the price below $80.70 and the 50-hour simple moving average. The price even declined below the 50% Fib retracement level of the upward move from the $79.25 swing low to the $82.18 high.
The price tested the $80.40 support zone and the 61.8% Fib retracement level of the upward move from the $79.25 swing low to the $82.18 high.
Immediate support is near the $80.40 level. The next major support on the WTI crude oil chart is near $79.95. If there is a downside break, the price might decline toward $79.25. Any more losses may perhaps open the doors for a move toward the $78.00 support zone.
On the upside, immediate resistance is near a major contracting triangle at $80.70 and the 50-hour simple moving average. The next resistance is near the $81.30 level.
The main resistance is near a trend line at $82.20. A clear move above the $82.20 zone could send the price toward $82.50. The next key resistance is near $83.20. If the price climbs further higher, it could face resistance near $84.50. Any more gains might send the price toward the $85.00 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.
Crude oil prices are also moving lower from the $82.20 resistance zone.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices extended downsides below the $81.30 support zone.
- A major contracting triangle is forming with resistance near $80.70 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 $82.20 against the US Dollar. The price formed a short-term top and started a fresh decline below $81.30.
The bears even pushed the price below $80.70 and the 50-hour simple moving average. The price even declined below the 50% Fib retracement level of the upward move from the $79.25 swing low to the $82.18 high.
The price tested the $80.40 support zone and the 61.8% Fib retracement level of the upward move from the $79.25 swing low to the $82.18 high.
Immediate support is near the $80.40 level. The next major support on the WTI crude oil chart is near $79.95. If there is a downside break, the price might decline toward $79.25. Any more losses may perhaps open the doors for a move toward the $78.00 support zone.
On the upside, immediate resistance is near a major contracting triangle at $80.70 and the 50-hour simple moving average. The next resistance is near the $81.30 level.
The main resistance is near a trend line at $82.20. A clear move above the $82.20 zone could send the price toward $82.50. The next key resistance is near $83.20. If the price climbs further higher, it could face resistance near $84.50. Any more gains might send the price toward the $85.00 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.
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