Market Analysis: Oil Prices Signal More Upsides

Market Analysis: Oil Prices Signal More Upsides

Crude oil prices climbed higher above $76.00 before the bears appeared.

Important Takeaways for Oil Prices Analysis Today

- Crude oil prices extended gains above the $76.00 and $77.00 resistance levels.
- There was a break below a key bullish trend line with support at $75.80 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 $71.35 against the US Dollar. The price gained bullish momentum after it broke the $73.60 resistance.

The bulls pushed the price above the $75.00 and $75.80 resistance levels. The recent high was formed at $77.18 and the price started a downside correction below the 50-hour simple moving average. The RSI dipped below the 50 level and the price broke the 23.6% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high.



There was also a break below a key bullish trend line with support at $75.80. Immediate support on the downside is near the $75.00 level.

The next major support on the WTI crude oil chart is near the $74.25 zone or the 50% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high, below which the price could test the $73.60 zone.

If there is a downside break, the price might decline toward $72.70. Any more losses may perhaps open the doors for a move toward the $71.35 support zone.

If the price climbs higher again, it could face resistance near $75.80. The next major resistance is near the $77.20 level. Any more gains might send the price toward the $78.80 level.

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