WTI is consolidating and might aim for a fresh increase above $83.25.
Important Takeaways for Oil
Crude oil price also gained pace and was able to climb above the $82.00 resistance. There is a key contracting triangle forming with support near $82.00 on the hourly chart of XTI/USD at FXOpen.
Oil Price Technical Analysis
On the hourly chart of XTI/USD at FXOpen, the price gained pace above the $81.00 resistance zone against the US Dollar. The price climbed above the $82.00 resistance to move into a positive zone.
A high was formed near $83.83 before the price corrected lower. There was a move below the 23.6% Fib retracement level of the upward move from the $79.39 swing low to the $83.38 high. However, the bulls were active near the $82.00 support.
The price is now trading near the 50-hour simple moving average at $82.45. There is also a key contracting triangle forming with support near $82.00.
On the upside, resistance is seen near the triangle’s upper trend line at $83.00. The first major resistance is near the $83.25 level, above which the price might accelerate higher toward $84.20 or even $85.00. Any more gains might send the price toward the $86.50 level in the coming sessions.
On the downside, support is near the $82.00 level. The next major support is near the 61.8% Fib retracement level of the upward move from the $79.39 swing low to the $83.38 high at $81.00.
If there is a downside break, the price might decline toward $79.65. Any more losses may perhaps open the doors for a move toward the $75.00 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.