Oil Price Could Correct Gains
Crude oil price is facing a strong resistance near the $79 zone and might correct lower.
Important Takeaways for Oil
· Crude oil price started a fresh increase from the $72.50 support zone.
· There is a connecting trend line forming with resistance near $79.10 on the hourly chart of XTI/USD.
Oil Price Technical Analysis
Crude oil price also started a fresh increase from the $72.50 support zone against the US Dollar. The price was able to clear the $74.00 and $75.00 resistance levels.
The price even gained pace above the $76.50 level and the 50 hourly simple moving average. Finally, the bears appeared near the $78.90 zone. A high is formed near $78.93 and the price is now correcting gains.
Oil price Hourly Chart
It traded below the 23.6% Fib retracement level of the upward move from the $72.50 swing low to $78.93 high. The price is now trading below $78 and the 50 hourly simple moving average.
On the upside, the price might face resistance near $78. The first major resistance is near the $78.80 level. The main resistance sits near the $79.00 level.
There is also a connecting trend line forming with resistance near $79.10 on the hourly chart of XTI/USD, above which the price might accelerate higher towards $82.00 or even $84.00.
On the downside, an immediate support is near the $76.50 level. The next major support is near the $75.75 level. It is near the 50% Fib retracement level of the upward move from the $72.50 swing low to $78.93 high.
If there is a downside break, the price might decline towards $73.50. Any more losses may perhaps open the doors for a move towards the $72.50 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for Oil
· Crude oil price started a fresh increase from the $72.50 support zone.
· There is a connecting trend line forming with resistance near $79.10 on the hourly chart of XTI/USD.
Oil Price Technical Analysis
Crude oil price also started a fresh increase from the $72.50 support zone against the US Dollar. The price was able to clear the $74.00 and $75.00 resistance levels.
The price even gained pace above the $76.50 level and the 50 hourly simple moving average. Finally, the bears appeared near the $78.90 zone. A high is formed near $78.93 and the price is now correcting gains.
Oil price Hourly Chart
It traded below the 23.6% Fib retracement level of the upward move from the $72.50 swing low to $78.93 high. The price is now trading below $78 and the 50 hourly simple moving average.
On the upside, the price might face resistance near $78. The first major resistance is near the $78.80 level. The main resistance sits near the $79.00 level.
There is also a connecting trend line forming with resistance near $79.10 on the hourly chart of XTI/USD, above which the price might accelerate higher towards $82.00 or even $84.00.
On the downside, an immediate support is near the $76.50 level. The next major support is near the $75.75 level. It is near the 50% Fib retracement level of the upward move from the $72.50 swing low to $78.93 high.
If there is a downside break, the price might decline towards $73.50. Any more losses may perhaps open the doors for a move towards the $72.50 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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