Market Analysis: Crude Oil Price Consolidates
Market Analysis: Crude Oil Price Consolidates
Crude oil is attempting a fresh increase above the $85.00 zone.
Important Takeaways for Oil Price Analysis Today
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price found support near the $84.00 zone against the US Dollar. The price formed a base and started a recovery wave above $84.50.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $85.99 swing high to the $84.33 swing low. The hourly RSI is near the 50 level, but the price is struggling near the 50-hour simple moving average.
Immediate resistance is near the $85.35 level. There is also a connecting bearish trend line forming with resistance near $85.60. It is close to the 76.4% Fib retracement level of the downward move from the $85.99 swing high to the $84.33 swing low.
A clear move above the trend line resistance could send the price toward the $86.40 resistance. Any more gains might send the price toward the $87.00 level.
Conversely, the price might start a fresh decline from the $85.35 resistance. Immediate support sits near the $84.35 level. The next major support on the WTI crude oil chart is $84.00.
If there is a downside break, the price might decline toward $82.50. Any more losses may perhaps open the doors for a move toward the $81.20 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.
Crude oil is attempting a fresh increase above the $85.00 zone.
Important Takeaways for Oil Price Analysis Today
- Crude oil is consolidating above the $84.00 support.
- There is a connecting bearish trend line forming with resistance near $85.60 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 found support near the $84.00 zone against the US Dollar. The price formed a base and started a recovery wave above $84.50.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $85.99 swing high to the $84.33 swing low. The hourly RSI is near the 50 level, but the price is struggling near the 50-hour simple moving average.
Immediate resistance is near the $85.35 level. There is also a connecting bearish trend line forming with resistance near $85.60. It is close to the 76.4% Fib retracement level of the downward move from the $85.99 swing high to the $84.33 swing low.
A clear move above the trend line resistance could send the price toward the $86.40 resistance. Any more gains might send the price toward the $87.00 level.
Conversely, the price might start a fresh decline from the $85.35 resistance. Immediate support sits near the $84.35 level. The next major support on the WTI crude oil chart is $84.00.
If there is a downside break, the price might decline toward $82.50. Any more losses may perhaps open the doors for a move toward the $81.20 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.