Crude Oil Price Weekly Chart Outlook
Crude oil price is declining and might dive if there is a break below $65.00.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices are moving lower below $83.75 support.
· There was a break below a major bullish trend line with support near $90.00 on the weekly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the weekly chart of WTI Crude Oil at FXOpen, the price climbed higher steadily above the $83.75 resistance against the US Dollar. It even broke the $100 barrier before the bears appeared near $120.
A high was formed near $126.37 and there was a downward move. There was a break below a major bullish trend line with support near $90.00. The price declined below the 50-week simple moving average and RSI dropped below 50.
There was a move below the 23.6% Fib retracement level of the key increase from the $10.42 swing low to the $126.37 high. It is now consolidating above $65.
The bulls are protecting the 50% Fib retracement level of the key increase from the $10.42 swing low to the $126.37 high. On the upside, the first major resistance is near the 50-week simple moving average at $83.75.
The next major resistance is near the $100.00 level. Any more gains might send the price toward the $120.00 level in the coming weeks.
On the downside, support is near the $65.00 level. The next major support on the WTI crude oil chart is near $44.20. If there is a downside break, the price might decline toward $38.00. Any more losses may perhaps open the doors for a move toward the $25.00 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.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices are moving lower below $83.75 support.
· There was a break below a major bullish trend line with support near $90.00 on the weekly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the weekly chart of WTI Crude Oil at FXOpen, the price climbed higher steadily above the $83.75 resistance against the US Dollar. It even broke the $100 barrier before the bears appeared near $120.
A high was formed near $126.37 and there was a downward move. There was a break below a major bullish trend line with support near $90.00. The price declined below the 50-week simple moving average and RSI dropped below 50.
There was a move below the 23.6% Fib retracement level of the key increase from the $10.42 swing low to the $126.37 high. It is now consolidating above $65.
The bulls are protecting the 50% Fib retracement level of the key increase from the $10.42 swing low to the $126.37 high. On the upside, the first major resistance is near the 50-week simple moving average at $83.75.
The next major resistance is near the $100.00 level. Any more gains might send the price toward the $120.00 level in the coming weeks.
On the downside, support is near the $65.00 level. The next major support on the WTI crude oil chart is near $44.20. If there is a downside break, the price might decline toward $38.00. Any more losses may perhaps open the doors for a move toward the $25.00 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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