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Market Analysis: Crude Oil Price Turn Green

FXOPEN:XTIUSD   US WTI Crude (Spot) (XTIUSD)
Market Analysis: Crude Oil Price Turn Green

Crude oil prices are gaining bullish momentum and might rise toward $82.50.

Important Takeaways for Oil Prices Analysis Today
- Crude oil prices rallied above the $79.00 and $80.00 resistance levels.
- There is a key rising channel forming with support at $80.85 on the hourly chart of XTI/USD at FXOpen.

Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a major upward move against the US Dollar. The price gained bullish momentum after it broke the $79.00 resistance.

There was a sustained upward move above the $80.0 and $80.45 resistance levels. The bulls pushed the price toward $81.50. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.

The price is holding gains above the 23.6% Fib retracement level of the upward move from the $77.52 swing low to the $81.34 high.

If the price climbs higher again, it could face resistance near $81.35. The next major resistance is near the $81.50 level. Any more gains might send the price toward the $82.50 level.

Conversely, the price might correct gains and test $80.85. There is also a rising channel forming with support at $80.85. The next major support on the WTI crude oil chart is near the $80.00 zone, below which the price could test the 50% Fib retracement level of the upward move from the $77.52 swing low to the $81.34 high at $79.00.

If there is a downside break, the price might decline toward $77.50. Any more losses may perhaps open the doors for a move toward the $76.00 support zone.

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