Crude Oil Price Aims Higher
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Crude oil price is rising as the bulls aim for a move above the $72.20 resistance.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices are also moving higher above the $71.50 resistance zone.
· There is a key bullish trend line forming with support near $70.50 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 remained stable above the $69.50 support against the US Dollar. A base was formed and the price started a decent increase above the $71 level.
There was a clear move above the 50% Fib retracement level of the downward move from the $72.32 swing high to the $70.23 low. It is now trading above the 50-hour simple moving average and the RSI is rising toward 60.
The bulls are showing strength above the 76.4% Fib retracement level of the downward move from the $72.32 swing high to the $70.23 low.
If the price climbs further higher, it could face resistance near $72.20. The first major resistance is near the $72.50 level. Any more gains might send the price toward the $74.00 level in the coming days.
Conversely, the price might correct gains and retest the 50-hour simple moving average at $71.50. The next major support on the WTI crude oil chart is near $70.50 and a connecting bullish trend line. If there is a downside break, the price might decline toward $69.50. Any more losses may perhaps open the doors for a move toward the $68.20 support zone.
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.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices are also moving higher above the $71.50 resistance zone.
· There is a key bullish trend line forming with support near $70.50 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 remained stable above the $69.50 support against the US Dollar. A base was formed and the price started a decent increase above the $71 level.
There was a clear move above the 50% Fib retracement level of the downward move from the $72.32 swing high to the $70.23 low. It is now trading above the 50-hour simple moving average and the RSI is rising toward 60.
The bulls are showing strength above the 76.4% Fib retracement level of the downward move from the $72.32 swing high to the $70.23 low.
If the price climbs further higher, it could face resistance near $72.20. The first major resistance is near the $72.50 level. Any more gains might send the price toward the $74.00 level in the coming days.
Conversely, the price might correct gains and retest the 50-hour simple moving average at $71.50. The next major support on the WTI crude oil chart is near $70.50 and a connecting bullish trend line. If there is a downside break, the price might decline toward $69.50. Any more losses may perhaps open the doors for a move toward the $68.20 support zone.
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.
註釋
On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent increase against the US Dollar. It gained bullish momentum after it broke the $72.50 resistance, as mentioned in the previous analysis.There was a sustained upward move above the $75.00 and $75.60 resistance levels. The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $76.81 swing high to the $74.45 low.
It is now trading above the 50-hour simple moving average, and the RSI is rising above 60. The bears seem to be active near the 76.4% Fib retracement level of the downward move from the $76.81 swing high to the $74.45 low.
If the price climbs further, it could face resistance near $76.80. The first major resistance is near the $77.10 level. Any more gains might send the price toward the $78.80 level.
Conversely, the price might correct gains and retest the 50-hour simple moving average and a connecting bullish trend line at $75.60. 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 $73.80. Any more losses may perhaps open the doors for a move toward the $72.50 support zone.
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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