Crude oil price remains in a strong uptrend above the $60.00 level against the US Dollar. The price even broke the $62.00 resistance level to move further into a positive zone.
The price traded as high as $63.67 and it is currently consolidating gains. On the downside, there is a decent support forming near the $62.50 level and the 50 hourly simple moving average. There is also a major bullish trend line forming with support at $62.50 on the hourly chart on FXOpen.
If there is a downside break below the trend line support and the 50 hourly simple moving average, the price could correct lower towards the $61.80 support zone.
On the upside, an initial resistance is near the $63.50 and $63.65 levels. Any more gains could open the doors for more towards the $65.00 level in the near term.
