Crude Oil Price Might Correct Lower
Crude oil price is declining and remains at a risk of more losses below $70.
Important Takeaways for Oil
· Crude oil price started a fresh decline below the $70.50 support zone.
· There was a break below a rising channel with support near $70.40 on the hourly chart of XTI/USD.
Oil Price Technical Analysis
Crude oil price also started a fresh decline from the $71.65 resistance zone against the US Dollar. The price declined below the $71.20 level to move into a short-term bearish zone.
The price even settled below the $70.50 level and the 50 hourly simple moving average. There was also a break below a rising channel with support near $70.40 on the hourly chart of XTI/USD. The price is now trading below the 23.6% Fib retracement level of the upward move from the $64.35 swing low to $71.66 high.
Oil Price Hourly Chart
On the downside, an immediate support is near the $66.80 level. The next major support is near the $68.00 level. It is near the 50% Fib retracement level of the upward move from the $64.35 swing low to $71.66 high.
If there is a downside break, the price might decline towards $67.00. Any more losses may perhaps open the doors for a move towards the $65.00 support zone.
On the upside, an immediate resistance is seen near the $70.00 level and the 50 hourly simple moving average. The first major resistance is near the $70.50 level.
The next major resistance is near the $71.50 zone, above which the price might accelerate higher towards $72.20 or even $73.00. Any more gains might send the price towards the $74.20 level in th coming sessions.
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 Oil
· Crude oil price started a fresh decline below the $70.50 support zone.
· There was a break below a rising channel with support near $70.40 on the hourly chart of XTI/USD.
Oil Price Technical Analysis
Crude oil price also started a fresh decline from the $71.65 resistance zone against the US Dollar. The price declined below the $71.20 level to move into a short-term bearish zone.
The price even settled below the $70.50 level and the 50 hourly simple moving average. There was also a break below a rising channel with support near $70.40 on the hourly chart of XTI/USD. The price is now trading below the 23.6% Fib retracement level of the upward move from the $64.35 swing low to $71.66 high.
Oil Price Hourly Chart
On the downside, an immediate support is near the $66.80 level. The next major support is near the $68.00 level. It is near the 50% Fib retracement level of the upward move from the $64.35 swing low to $71.66 high.
If there is a downside break, the price might decline towards $67.00. Any more losses may perhaps open the doors for a move towards the $65.00 support zone.
On the upside, an immediate resistance is seen near the $70.00 level and the 50 hourly simple moving average. The first major resistance is near the $70.50 level.
The next major resistance is near the $71.50 zone, above which the price might accelerate higher towards $72.20 or even $73.00. Any more gains might send the price towards the $74.20 level in th coming sessions.
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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