Market Analysis: WTI Crude Oil StrugglesMarket Analysis: WTI Crude Oil Struggles
Crude oil is showing bearish signs and might decline below $70.00.
Important Takeaways for WTI Crude Oil Price Analysis Today
- WTI Crude oil prices failed to clear the $73.50 region and started a fresh decline.
- There is a key bearish trend line forming with resistance at $71.00 on the hourly chart of XTI/USD at FXOpen.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear the $73.50 resistance zone against the US Dollar. The price started a fresh decline below the $72.20 support.
The price even dipped below the $71.50 level and the 50-hour simple moving average. The bulls are now active near the $70.20 level. A low was formed at $70.12, and the price is now consolidating losses. If there is a fresh increase, it could face resistance near the 50% Fib retracement level of the downward move from the $71.87 swing high to the $70.12 low at $71.00.
There is also a key bearish trend line forming with resistance at $71.00. The first major resistance is near the $71.85 level. Any more gains might send the price toward the $72.20 level.
The main resistance could be near the $73.35 level. Conversely, the price might continue to move down and revisit the $70.00 support. The next major support on the WTI crude oil chart is $68.80.
If there is a downside break, the price might decline toward $66.50. Any more losses may perhaps open the doors for a move toward the $65.00 support zone.
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