Crude oil price climbed higher steadily from the $58.80 support area against the US Dollar. The price traded above the $59.50 resistance to move into a positive zone.
Moreover, there was a close above the $60.00 level and the 50 hourly simple moving average. It opened the doors for more gains above $60.50. The price traded as high as $60.92 and it is currently correcting lower.
On the downside, there is a strong support forming near $60.30 on FXOpen, a connecting bullish trend line, 61.8% Fib retracement level of the last wave from $59.94 $60.92, and the 50 hourly SMA.
As long as crude oil price is above the 50 hourly SMA and $60.00, it could continue to rise. On the upside, the main resistances are seen near $60.60, above which the price could test $61.00 in the near term.
