Crude oil price is declining and remains at a risk of more losses below $70.
Important Takeaways for Oil
· Crude oil price started a fresh decline below the $70.50 support zone.
· There was a break below a rising channel with support near $70.40 on the hourly chart of XTI/USD.
Oil Price Technical Analysis
Crude oil price also started a fresh decline from the $71.65 resistance zone against the US Dollar. The price declined below the $71.20 level to move into a short-term bearish zone.
The price even settled below the $70.50 level and the 50 hourly simple moving average. There was also a break below a rising channel with support near $70.40 on the hourly chart of XTI/USD. The price is now trading below the 23.6% Fib retracement level of the upward move from the $64.35 swing low to $71.66 high.
Oil Price Hourly Chart
On the downside, an immediate support is near the $66.80 level. The next major support is near the $68.00 level. It is near the 50% Fib retracement level of the upward move from the $64.35 swing low to $71.66 high.
If there is a downside break, the price might decline towards $67.00. Any more losses may perhaps open the doors for a move towards the $65.00 support zone.
On the upside, an immediate resistance is seen near the $70.00 level and the 50 hourly simple moving average. The first major resistance is near the $70.50 level.
The next major resistance is near the $71.50 zone, above which the price might accelerate higher towards $72.20 or even $73.00. Any more gains might send the price towards the $74.20 level in th coming sessions.
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.
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