Mon, Mar 27, 2023 @ 20:19 GMT
HomeContributorsTechnical AnalysisCrude Oil Price Could Recover If It Clears This Hurdle

Crude Oil Price Could Recover If It Clears This Hurdle

Key Highlights

  • Crude oil price is facing resistance near the $76.50 zone.
  • A connecting bearish trend line is forming with resistance near $76.10 on the 4-hours chart.
  • Gold price is consolidating losses above the $1,850 support zone.
  • EUR/USD extended its decline below the 1.0750 support.

Crude Oil Price Technical Analysis

Crude oil price started a strong decline from the $82.40 resistance against the US Dollar. The price declined below the $78.00 support to move into a bearish zone.

Looking at the 4-hours chart of XTI/USD, the price traded below a major bullish trend line. It even settled below the $76.50 support, the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours).

Finally, the bulls appeared near the $72.00 support. A low was formed near $72.14 before the price started an upside correction.

On the upside, the price is facing resistance near the $76.00 zone. The next major resistance is near the $76.50 zone. A clear move above the $76.50 resistance could open the doors for another steady increase towards $78 or even $80.

If not, the price might drop again from $76. An immediate support is now forming near the $74 zone. The next major support sits near the $73.50 level. Any more losses might call for a test of the $72.40 support zone in the coming days.

Looking at gold price, the bulls are trying to protect the $1,850 support zone and they might aim a recovery wave in the coming days.

Economic Releases to Watch Today

  • Fed’s Williams speech.
  • Fed’s Waller speech.
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