Market Analysis: Crude Oil Price Signal Bearish AccelerationMarket Analysis: Crude Oil Price Signal Bearish Acceleration
Crude oil prices declined steadily below the $80.00 support and moved into a bearish zone.
Important Takeaways for Oil Prices Analysis Today
Crude oil prices extended downsides below the $78.00 support zone.
A major bearish trend line is forming with resistance near $78.00 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 struggled to continue higher above $80.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $78.00.
There was a steady decline below the $77.40 pivot level. The bears even pushed the price below $76.50 and the 50-hour simple moving average. Finally, the price tested the $76.30 zone. The recent swing low was formed near $76.31, and the price is now consolidating losses.
Immediate support is near the $76.30 level. The next major support on the WTI crude oil chart is near $75.00. If there is a downside break, the price might decline toward $73.50. Any more losses may perhaps open the doors for a move toward the $72.00 support zone.
On the upside, immediate resistance is near the 23.6% Fib retracement level of the downward move from the $78.52 swing high to the $76.31 low at $76.80.
The next resistance is near the 50-hour simple moving average and the 50% Fib retracement level of the downward move from the $78.52 swing high to the $76.31 low at $77.40. The main resistance is near a trend line at $78.00.
A clear move above the trend line resistance could send the price toward $79.05. The next key resistance is near $79.90. If the price climbs further higher, it could face resistance near $81.20. Any more gains might send the price toward the $82.00 level.
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