WTI Crude Oil Regains Bullish MomentumWTI Crude Oil Regains Bullish Momentum
WTI Crude oil prices climbed higher above $70.00 and might extend gains.
Important Takeaways for WTI Crude Oil Price Analysis Today
- WTI Crude oil prices started a decent increase above the $65.00 and $68.50 resistance levels.
- There is a major bullish trend line forming with support at $71.50 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 started a decent upward move from $65.00 against the US Dollar. The price gained bullish momentum after it broke the $68.50 resistance and the 50-hour simple moving average.
The bulls pushed the price above the $69.50 and $71.50 resistance levels. The recent high was formed at $74.80 and the price started a downside correction. There was a minor move below the 50% Fib retracement level of the upward move from the $69.55 swing low to the $74.83 high.
The RSI is now below the 60 level. Immediate support on the downside is near the $71.50 zone. There is also a major bullish trend line forming with support at $71.50 and the 61.8% Fib retracement level of the upward move from the $69.55 swing low to the $74.83 high.
The next major support on the WTI crude oil chart is near the $69.50 zone, below which the price could test the $67.90 level. If there is a downside break, the price might decline toward $65.20. Any more losses may perhaps open the doors for a move toward the $63.75 support zone.
If the price climbs higher again, it could face resistance near $72.50. The next major resistance is near the $74.80 level. Any more gains might send the price toward the $78.50 level.
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