Market Analysis: WTI Crude Tests Key Support
Market Analysis: WTI Crude Tests Key Support
WTI Crude oil is now attempting to recover after sliding toward $61.80.
Important Takeaways for WTI Crude Oil Price Analysis Today
- WTI Crude oil prices extended losses below the $63.40 pivot zone.
- It dipped below a rising channel with support at $62.85 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 $65.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $64.20.
There was a steady drop below the $63.40 pivot level. The bears even pushed the price below $62.50, a rising channel, and the 50-hour simple moving average. Finally, the price tested $61.80. The recent swing low was formed near $61.80, and the price is now correcting losses.
There was a move above the 23.6% Fib retracement level of the downward move from the $63.94 swing high to the $61.80 low. On the upside, immediate resistance is near the 50% Fib retracement at $62.85.
The main hurdle is $63.40. A clear move above $63.40 could send the price toward $63.95. The next stop for the bulls might be $64.85.
If the price climbs further, it could face sellers near $65.60. Immediate support is $61.80. The next major breakdown level on the WTI crude oil chart is $60.50. If there is a downside break, the price might decline toward $58.80. Any more losses may perhaps open the doors for a move toward $56.50.
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 now attempting to recover after sliding toward $61.80.
Important Takeaways for WTI Crude Oil Price Analysis Today
- WTI Crude oil prices extended losses below the $63.40 pivot zone.
- It dipped below a rising channel with support at $62.85 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 $65.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $64.20.
There was a steady drop below the $63.40 pivot level. The bears even pushed the price below $62.50, a rising channel, and the 50-hour simple moving average. Finally, the price tested $61.80. The recent swing low was formed near $61.80, and the price is now correcting losses.
There was a move above the 23.6% Fib retracement level of the downward move from the $63.94 swing high to the $61.80 low. On the upside, immediate resistance is near the 50% Fib retracement at $62.85.
The main hurdle is $63.40. A clear move above $63.40 could send the price toward $63.95. The next stop for the bulls might be $64.85.
If the price climbs further, it could face sellers near $65.60. Immediate support is $61.80. The next major breakdown level on the WTI crude oil chart is $60.50. If there is a downside break, the price might decline toward $58.80. Any more losses may perhaps open the doors for a move toward $56.50.
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.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.