Market Analysis: Oil Prices Soar, More Gains Ahead?
Market Analysis: Oil Prices Soar, More Gains Ahead?
Crude oil prices are gaining bullish momentum and might soon test $85.00.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices extended gains above the $82.00 and $83.00 resistance levels.
- There is a key bullish trend line forming with support at $82.75 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 major upward move from $80.45 against the US Dollar. The price gained bullish momentum after it broke the $82.00 resistance.
The bulls pushed the price above the $82.30 and $82.75 resistance levels. The recent high was formed at $83.50 and the price settled above the 50-hour simple moving average. The RSI is now near the 50 level and the price is trading below the 23.6% Fib retracement level of the upward move from the $81.95 swing low to the $83.52 high.
If the price climbs higher again, it could face resistance near $83.50. The next major resistance is near the $83.75 level. Any more gains might send the price toward the $85.00 level.
Conversely, the price might correct gains and test the 50% Fib retracement level of the upward move from the $81.95 swing low to the $83.52 high at $82.75. There is also a key bullish trend line forming with support at $82.75.
The next major support on the WTI crude oil chart is near the $82.30 zone, below which the price could test the $82.00 zone. If there is a downside break, the price might decline toward $80.85. Any more losses may perhaps open the doors for a move toward the $78.50 support zone.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.
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.
Crude oil prices are gaining bullish momentum and might soon test $85.00.
Important Takeaways for Oil Prices Analysis Today
- Crude oil prices extended gains above the $82.00 and $83.00 resistance levels.
- There is a key bullish trend line forming with support at $82.75 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 major upward move from $80.45 against the US Dollar. The price gained bullish momentum after it broke the $82.00 resistance.
The bulls pushed the price above the $82.30 and $82.75 resistance levels. The recent high was formed at $83.50 and the price settled above the 50-hour simple moving average. The RSI is now near the 50 level and the price is trading below the 23.6% Fib retracement level of the upward move from the $81.95 swing low to the $83.52 high.
If the price climbs higher again, it could face resistance near $83.50. The next major resistance is near the $83.75 level. Any more gains might send the price toward the $85.00 level.
Conversely, the price might correct gains and test the 50% Fib retracement level of the upward move from the $81.95 swing low to the $83.52 high at $82.75. There is also a key bullish trend line forming with support at $82.75.
The next major support on the WTI crude oil chart is near the $82.30 zone, below which the price could test the $82.00 zone. If there is a downside break, the price might decline toward $80.85. Any more losses may perhaps open the doors for a move toward the $78.50 support zone.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.
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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