Market Analysis: Crude Oil Price Eye Additional Gains
Market Analysis: Crude Oil Price Eye Additional Gains
Crude oil prices are gaining bullish momentum and might rise toward $82.00.
Important Takeaways for Oil Prices Analysis Today
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a major rally against the US Dollar. The price gained bullish momentum after it broke the $74.90 resistance.
There was a sustained upward move above the $76.00 and $77.85 resistance levels. The bulls pushed the price toward $79.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.
Recently, there was a minor decline from the $79.12 high. The price tested the $76.00 support. It is again rising above the $76.50 level. There was a break above a key bearish trend line with resistance near $76.80.
There was a move above the 50% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low. If the price climbs further higher, it could face resistance near $77.85.
The 61.8% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low is also near the $77.85 zone. The next major resistance is near the $79.00 level. Any more gains might send the price toward the $82.00 level.
Conversely, the price might correct gains below the $77.00 zone. The next major support on the WTI crude oil chart is near the $76.00 zone.
If there is a downside break, the price might decline toward $74.90. Any more losses may perhaps open the doors for a move toward the $73.50 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.
Crude oil prices are gaining bullish momentum and might rise toward $82.00.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices rallied above the $74.90 and $76.00 resistance levels.
- There was a break above a key bearish trend line with resistance near $76.80 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 major rally against the US Dollar. The price gained bullish momentum after it broke the $74.90 resistance.
There was a sustained upward move above the $76.00 and $77.85 resistance levels. The bulls pushed the price toward $79.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.
Recently, there was a minor decline from the $79.12 high. The price tested the $76.00 support. It is again rising above the $76.50 level. There was a break above a key bearish trend line with resistance near $76.80.
There was a move above the 50% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low. If the price climbs further higher, it could face resistance near $77.85.
The 61.8% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low is also near the $77.85 zone. The next major resistance is near the $79.00 level. Any more gains might send the price toward the $82.00 level.
Conversely, the price might correct gains below the $77.00 zone. The next major support on the WTI crude oil chart is near the $76.00 zone.
If there is a downside break, the price might decline toward $74.90. Any more losses may perhaps open the doors for a move toward the $73.50 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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