Crude Oil Price Takes Hit
Crude oil price struggled and declined below the $85.75 support.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices failed to clear the $89.50 region and started a fresh decline.
· There is a connecting bearish trend line forming with resistance near $83.70 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 $89.50 resistance zone against the US Dollar. The price started a fresh decline below the $87.80 support.
There was a steady decline below the $85.75 support and the 50-hour simple moving average. Finally, the price declined below the $82.80 support before the bulls appeared. A low is formed near $81.90 and the price is now recovering above the 50-hour simple moving average.
It is now consolidating above the 23.6% Fib retracement level of the downward move from the $89.61 swing high to the $81.86 low, and the RSI moved above 50. If there is a fresh increase, it could face resistance near $83.70 and a connecting trend line.
The first major resistance is near the 50% Fib retracement level of the downward move from the $89.61 swing high to the $81.86 low at $85.75. Any more gains might send the price toward the $87.80 level.
Conversely, the price might continue to move down and revisit the $82.80 support. The next major support on the WTI crude oil chart is $81.90. If there is a downside break, the price might decline toward $80.00. Any more losses may perhaps open the doors for a move toward the $78.50 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.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices failed to clear the $89.50 region and started a fresh decline.
· There is a connecting bearish trend line forming with resistance near $83.70 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 $89.50 resistance zone against the US Dollar. The price started a fresh decline below the $87.80 support.
There was a steady decline below the $85.75 support and the 50-hour simple moving average. Finally, the price declined below the $82.80 support before the bulls appeared. A low is formed near $81.90 and the price is now recovering above the 50-hour simple moving average.
It is now consolidating above the 23.6% Fib retracement level of the downward move from the $89.61 swing high to the $81.86 low, and the RSI moved above 50. If there is a fresh increase, it could face resistance near $83.70 and a connecting trend line.
The first major resistance is near the 50% Fib retracement level of the downward move from the $89.61 swing high to the $81.86 low at $85.75. Any more gains might send the price toward the $87.80 level.
Conversely, the price might continue to move down and revisit the $82.80 support. The next major support on the WTI crude oil chart is $81.90. If there is a downside break, the price might decline toward $80.00. Any more losses may perhaps open the doors for a move toward the $78.50 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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