Market Analysis: WTI Crude Oil Faces Hurdles
Crude oil is showing bearish signs and might decline below $62.80.
Important Takeaways for WTI Crude Oil Price Analysis Today
– Crude oil prices failed to clear the $65.00 region and started a fresh decline.
– There was a break below a major bullish trend line with support at $64.00 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 clear the $65.00 level and started a fresh decline below $64.50.
There was a break below a major bullish trend line at $64.00, opening the doors for more losses. The price dipped below the 50% Fib retracement level of the upward move from the $61.56 swing low to the $64.85 high.
XTI/USD even dipped below $63.50 level and the 50-hour simple moving average. The bulls are now active near $63.00. If there is a fresh increase, it could face a barrier near $63.70.
The first major resistance is near $64.10. Any more gains might send the price toward $64.85 and call for a test of $65.50. Conversely, the price might continue to move down and revisit the $62.80 support and the 61.8% Fib retracement.
The next major support on the WTI crude oil chart is $62.35. If there is a downside break, the price might decline toward $61.55. Any more losses may perhaps open the doors for a move toward $60.50.
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