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Oil Price Broke The Key $70.00 Support Level To Move Into A Bearish Zone

Crude oil price started a major downward move from well above the $74.00 level against the US Dollar. The price broke the key $70.00 support level to move into a bearish zone.

The price even broke the $68.00 support zone and it settled below the 50 hourly simple moving average. It traded as low as $64.95 and it is now consolidating losses. An initial resistance on the upside is near the $66.80 level.

There is also a major bearish trend line with resistance near $66.85 level on the hourly chart. A clear break above the $68.80 and $68.85 levels could start a fresh increase in the near term.

On the downside, an initial support is near the $66.00 level. The first major support is near the $65.20 on FXOpen, below which there is a risk of more losses. In this case, the price could even test $62.00 in the near term.

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