Market Analysis: Oil Slides — Traders Eye Macro Triggers
WTI Crude oil is down over 15% and remains at risk of more losses.
Important Takeaways for WTI Crude Oil Price Analysis Today
– WTI Crude oil extended losses below the $68.00 support zone.
– A major bearish trend line is forming with resistance near $65.60 on the hourly chart of XTI/USD at FXOpen.
Technical Analysis of WTI Crude Oil Price
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $77.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $72.00.
There was a steady decline below the $70.00 pivot level. The bears even pushed the price below $68.00 and the 50-hour simple moving average. Finally, the price tested the $63.70 zone. The recent swing low was formed near $63.69, and the price is now consolidating losses.
On the upside, immediate resistance is near the $65.60 zone. There is also a major bearish trend line forming with resistance near $65.60. The next resistance is near the $66.80 level or the 23.6% Fib retracement level of the downward move from the $76.93 swing high to the $63.69 low.
The main resistance is $70.30 and the 50% Fib retracement level. A clear move above the $70.30 zone could send the price toward $71.90.
The next key resistance is near $76.90. If the price climbs further higher, it could face resistance near $78.00. Any more gains might send the price toward the $80.00 level.
Immediate support is near the $63.70 level. The next major support on the WTI Crude Oil chart is near $62.00. 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 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.
