Crude oil price started a downside correction from well above the $70.00 level against the US Dollar. The price broke the key $69.50 support level to move into a bearish zone.
The price even broke the $69.00 support zone and it settled below the 50 hourly simple moving average. It traded as low as $67.47 and it is now correcting losses. The price recovered above $68.00, but it is now facing resistance near the $68.50 zone.
There is also a major bearish trend line with resistance near $68.50 level on the hourly chart. A clear break above the $68.50 and $68.55 levels could start a fresh increase in the near term.
On the downside, an initial support is near $68.10 on FXOpen. The first major support is near the $68.00, below which there is a risk of more losses. In this case, the price could even test $67.20 in the near term.
