Crude Oil Price Signal Negative Trend
Crude oil price is also declining and showing bearish signs below $80.00.
Important Takeaways for Oil Prices Analysis Today
· Crude oil prices are also moving lower below the $80.00 resistance zone.
· There is a key bearish trend line forming with resistance near $80.00 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 $84.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $83.00.
There was a steady decline below the $81.45 pivot level. The bears even pushed the price below $80.00 and the 50-hour simple moving average. Finally, it tested the $78.60 zone. A low is formed near $78.58 and the price is now attempting a recovery wave.
There was a move above the 50-hour simple moving average. However, the price is struggling near the 23.6% Fib retracement level of the downward move from the $84.30 swing high to the $78.58 low.
There is also a key bearish trend line forming with resistance near $80.00. If the price climbs further higher, it could face resistance near the 50% Fib retracement level of the downward move from the $84.30 swing high to the $78.58 low at $81.45.
Any more gains might send the price toward the $82.50 level. Conversely, the price might start another decline and retest the 50-hour simple moving average. The next major support on the WTI crude oil chart is near $78.60.
If there is a downside break, the price might decline toward $77.50. Any more losses may perhaps open the doors for a move toward the $76.20 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 also moving lower below the $80.00 resistance zone.
· There is a key bearish trend line forming with resistance near $80.00 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 $84.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $83.00.
There was a steady decline below the $81.45 pivot level. The bears even pushed the price below $80.00 and the 50-hour simple moving average. Finally, it tested the $78.60 zone. A low is formed near $78.58 and the price is now attempting a recovery wave.
There was a move above the 50-hour simple moving average. However, the price is struggling near the 23.6% Fib retracement level of the downward move from the $84.30 swing high to the $78.58 low.
There is also a key bearish trend line forming with resistance near $80.00. If the price climbs further higher, it could face resistance near the 50% Fib retracement level of the downward move from the $84.30 swing high to the $78.58 low at $81.45.
Any more gains might send the price toward the $82.50 level. Conversely, the price might start another decline and retest the 50-hour simple moving average. The next major support on the WTI crude oil chart is near $78.60.
If there is a downside break, the price might decline toward $77.50. Any more losses may perhaps open the doors for a move toward the $76.20 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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