HomeContributorsTechnical AnalysisCrude Oil Price Remains In Uptrend Unless This Level Gives Way

Crude Oil Price Remains In Uptrend Unless This Level Gives Way

Key Highlights

  • Crude oil price rallied above the $90 and $92.50 resistance levels.
  • A key bullish trend line is forming with support near $88.00 on the 4-hour chart.
  • Gold prices failed to clear the $1,950 resistance.
  • EUR/USD could recover if it clears the 1.0720 resistance.

Crude Oil Price Technical Analysis

Crude oil price started a fresh increase after a close above $88 against the US Dollar. The price rallied above the $90 and $90.50 resistance levels.

Looking at the 4-hour chart of XTI/USD, the price settled well above the $90 level, the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

Finally, it traded to a new multi-week high at $92.92. Recently, there was a minor downside correction below the $91.20 level. However, the bulls seem to be active above the $89.40 level. The 23.6% Fib retracement level of the upward move from the $77.85 swing low to the $92.92 high is also near $89.40.

The next major support sits near the $88.00 zone. There is also a key bullish trend line forming with support near $88.00 on the same chart.

Any more losses might call for a test of the $87.15 support zone or a trend change and drop toward the $82.00 support zone.

On the upside, the price might face resistance near the $92.50 level. The next major resistance is near the $93.20 level, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $95 resistance.

Looking at gold prices, there was a decent increase and the price was able to surpass the $1,935 resistance zone.

Economic Releases to Watch Today

  • BoE Interest Rate Decision – Forecast 5.5%, versus 5.25% previous.
  • US Initial Jobless Claims – Forecast 225K, versus 220K previous.
Titan FX
Titan FXhttp://titanfx.com
Titan FX is a technology driven online ECN forex and commodities broker that provides traders with next generation trading conditions, institutional grade spreads, fast trade execution, deep top tier liquidity and the security of financial registration and oversight.

Featured Analysis

Learn Forex Trading