Market Analysis: Oil Price Takes Hit
Market Analysis: Oil Price Takes Hit
Crude oil is showing bearish signs and might decline below $75.00.
Important Takeaways for Oil Price Analysis Today
- Crude oil prices failed to clear the $78.20 region and started a fresh decline.
- There was a break below a connecting bullish trend line with support at $77.50 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 struggled to clear the $78.20 resistance zone against the US Dollar. The price started a fresh decline below the $77.00 support.
There was a break below a connecting bullish trend line with support at $77.50. There was a steady decline below the 50% Fib retracement level of the upward move from the $74.23 swing low to the $78.25 high.
The pair is now consolidating below the 50-hour simple moving average. Finally, the price tested the 61.8% Fib retracement level of the upward move from the $74.23 swing low to the $78.25 high.
If there is a fresh increase, it could face resistance near $77.00 and the 50-hour simple moving average. The first major resistance is near the $78.20 level. Any more gains might send the price toward the $79.50 level. Any more gains might call for a test of $80.00.
Conversely, the price might continue to move down and revisit the $75.20 support. The next major support on the WTI crude oil chart is $74.20.
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 $72.50 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 is showing bearish signs and might decline below $75.00.
Important Takeaways for Oil Price Analysis Today
- Crude oil prices failed to clear the $78.20 region and started a fresh decline.
- There was a break below a connecting bullish trend line with support at $77.50 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 struggled to clear the $78.20 resistance zone against the US Dollar. The price started a fresh decline below the $77.00 support.
There was a break below a connecting bullish trend line with support at $77.50. There was a steady decline below the 50% Fib retracement level of the upward move from the $74.23 swing low to the $78.25 high.
The pair is now consolidating below the 50-hour simple moving average. Finally, the price tested the 61.8% Fib retracement level of the upward move from the $74.23 swing low to the $78.25 high.
If there is a fresh increase, it could face resistance near $77.00 and the 50-hour simple moving average. The first major resistance is near the $78.20 level. Any more gains might send the price toward the $79.50 level. Any more gains might call for a test of $80.00.
Conversely, the price might continue to move down and revisit the $75.20 support. The next major support on the WTI crude oil chart is $74.20.
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 $72.50 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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