Crude Oil Price Could Recover Steadily
Crude oil price is attempting a recovery wave above the $75.50 resistance zone.
Important Takeaways for Gold and Oil
· Crude oil price started a fresh increase from the $73.75 support zone.
· There was a break above a major bearish trend line with resistance near $75.70 on the hourly chart of XTI/USD.
Oil Price Technical Analysis
Crude oil price also started a fresh decline from the $80 resistance zone against the US Dollar. The price declined below the $75 level before the bulls appeared near the $73.75 zone.
A low was formed near $73.75 and the price started a decent increase. It was able to clear the $74.00 and $75.00 resistance levels.
Oil Price Hourly Chart
Besides, there was a break above a major bearish trend line with resistance near $75.70 on the hourly chart of XTI/USD. The price even gained pace above the $75.50 level and the 50 hourly simple moving average.
It settled above the 50% Fib retracement level of the downward move from the $77.63 swing high to $73.75 low. On the upside, the price might face resistance near $76.20.
It is near the 61.8% Fib retracement level of the downward move from the $77.63 swing high to $73.75 low. The first major resistance is near the $77.80 level, above which the price might accelerate higher towards $80.00 or even $82.00.
On the downside, an immediate support is near the $75.50 level. The next major support is near the $74.50 level. If there is a downside break, the price might decline towards $73.75. Any more losses may perhaps open the doors for a move towards the $72.00 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 Gold and Oil
· Crude oil price started a fresh increase from the $73.75 support zone.
· There was a break above a major bearish trend line with resistance near $75.70 on the hourly chart of XTI/USD.
Oil Price Technical Analysis
Crude oil price also started a fresh decline from the $80 resistance zone against the US Dollar. The price declined below the $75 level before the bulls appeared near the $73.75 zone.
A low was formed near $73.75 and the price started a decent increase. It was able to clear the $74.00 and $75.00 resistance levels.
Oil Price Hourly Chart
Besides, there was a break above a major bearish trend line with resistance near $75.70 on the hourly chart of XTI/USD. The price even gained pace above the $75.50 level and the 50 hourly simple moving average.
It settled above the 50% Fib retracement level of the downward move from the $77.63 swing high to $73.75 low. On the upside, the price might face resistance near $76.20.
It is near the 61.8% Fib retracement level of the downward move from the $77.63 swing high to $73.75 low. The first major resistance is near the $77.80 level, above which the price might accelerate higher towards $80.00 or even $82.00.
On the downside, an immediate support is near the $75.50 level. The next major support is near the $74.50 level. If there is a downside break, the price might decline towards $73.75. Any more losses may perhaps open the doors for a move towards the $72.00 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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