Market Analysis: Crude Oil Price Signal Bearish Acceleration
Market Analysis: Crude Oil Price Signal Bearish Acceleration
Crude oil prices declined steadily below the $80.00 support and moved into a bearish zone.
Important Takeaways for Oil Prices Analysis Today
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $80.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $78.00.
There was a steady decline below the $77.40 pivot level. The bears even pushed the price below $76.50 and the 50-hour simple moving average. Finally, the price tested the $76.30 zone. The recent swing low was formed near $76.31, and the price is now consolidating losses.
Immediate support is near the $76.30 level. The next major support on the WTI crude oil chart is near $75.00. 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 $72.00 support zone.
On the upside, immediate resistance is near the 23.6% Fib retracement level of the downward move from the $78.52 swing high to the $76.31 low at $76.80.
The next resistance is near the 50-hour simple moving average and the 50% Fib retracement level of the downward move from the $78.52 swing high to the $76.31 low at $77.40. The main resistance is near a trend line at $78.00.
A clear move above the trend line resistance could send the price toward $79.05. The next key resistance is near $79.90. If the price climbs further higher, it could face resistance near $81.20. Any more gains might send the price toward the $82.00 level.
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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 declined steadily below the $80.00 support and moved into a bearish zone.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices extended downsides below the $78.00 support zone.
- A major bearish trend line is forming with resistance near $78.00 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 continue higher above $80.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $78.00.
There was a steady decline below the $77.40 pivot level. The bears even pushed the price below $76.50 and the 50-hour simple moving average. Finally, the price tested the $76.30 zone. The recent swing low was formed near $76.31, and the price is now consolidating losses.
Immediate support is near the $76.30 level. The next major support on the WTI crude oil chart is near $75.00. 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 $72.00 support zone.
On the upside, immediate resistance is near the 23.6% Fib retracement level of the downward move from the $78.52 swing high to the $76.31 low at $76.80.
The next resistance is near the 50-hour simple moving average and the 50% Fib retracement level of the downward move from the $78.52 swing high to the $76.31 low at $77.40. The main resistance is near a trend line at $78.00.
A clear move above the trend line resistance could send the price toward $79.05. The next key resistance is near $79.90. If the price climbs further higher, it could face resistance near $81.20. Any more gains might send the price toward the $82.00 level.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.
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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