Market Analysis: WTI Crude Oil Struggles In Red
WTI Crude oil is also down and remains at risk of more losses below $62.00.
Important Takeaways for WTI Crude Oil Price Analysis Today
- WTI Crude oil prices extended losses below the $65.00 support zone.
- A major bearish trend line is formed with resistance at $63.05 on the hourly chart of XTI/USD.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil, the price struggled to continue higher above $66.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $65.00.
There was a steady decline below the $64.50 pivot level. The bears even pushed the price below $63.50 and the 50-hour simple moving average. Finally, the price tested the $62.15 zone, and the price is now consolidating losses.
On the upside, immediate resistance is near the 23.6% Fib retracement level of the downward move from the $65.98 swing high to the $62.15 low at $63.05. There is also a major bearish trend line at $63.05 and the 50-hour simple moving average.
The main hurdle is $63.50. A clear move above the $63.50 zone could send the price toward the 61.8% Fib retracement level at $64.50.
The next key resistance is near $66.00. If the price climbs further higher, it could face sellers near $68.00. Any more gains might send the price toward the $70.00 level.
Immediate support is near the $62.15 level. The next major level on the WTI crude oil chart is near $61.20. If there is a downside break, the price might decline toward $60.00. Any more losses may perhaps open the doors for a move toward the $55.00 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.
WTI Crude oil is also down and remains at risk of more losses below $62.00.
Important Takeaways for WTI Crude Oil Price Analysis Today
- WTI Crude oil prices extended losses below the $65.00 support zone.
- A major bearish trend line is formed with resistance at $63.05 on the hourly chart of XTI/USD.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil, the price struggled to continue higher above $66.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $65.00.
There was a steady decline below the $64.50 pivot level. The bears even pushed the price below $63.50 and the 50-hour simple moving average. Finally, the price tested the $62.15 zone, and the price is now consolidating losses.
On the upside, immediate resistance is near the 23.6% Fib retracement level of the downward move from the $65.98 swing high to the $62.15 low at $63.05. There is also a major bearish trend line at $63.05 and the 50-hour simple moving average.
The main hurdle is $63.50. A clear move above the $63.50 zone could send the price toward the 61.8% Fib retracement level at $64.50.
The next key resistance is near $66.00. If the price climbs further higher, it could face sellers near $68.00. Any more gains might send the price toward the $70.00 level.
Immediate support is near the $62.15 level. The next major level on the WTI crude oil chart is near $61.20. If there is a downside break, the price might decline toward $60.00. Any more losses may perhaps open the doors for a move toward the $55.00 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.