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USOIL rebounds from 6,300.0. Where next?USOIL rebounds from 6,300.0. Where next? USOIL bounced back from the 6,300.0 mark on Tuesday, building on slight gains from the prior session, after President Donald Trump prolonged a tariff truce with China for an additional 90 days. The decision, made just before new tariffs were due, provided temporary relief from rising trade tensions that might hinder global growth and energy demand. The modest rise towards SMA50 and 6,500.0 level is expected. Market participants will also be waiting for OPEC’s monthly report, along with US EIA and IEA forecasts, for fresh supply–demand signals.
FOREXCOM:USOILLong
by ProfessorSingapore
WTI Crude Oil Analysis – Is a Major Wave 3 About to Begin?🛢 WTI Crude Oil Analysis – Is a Major Wave 3 About to Begin? 🚀 According to Elliott Wave count, it appears that the corrective Wave 2 has either completed or is in its final stages. The (ABC) corrective structure, combined with reactions to key Fibonacci levels, suggests a potential end to the correction and the start of a powerful Wave 3. Key Fibonacci Support Levels: 📍 $60.39 – 50% retracement 📍 $58.84 – 78.6% retracement As long as price holds above these levels, the bullish structure remains intact, with the ultimate target for Wave 3 projected well above the previous all-time highs. 💬 What’s your view? Is crude oil ready for a historic move, or is there still room for more correction? ✅ Save this idea & follow for future updates. ------------------------------------------------------------------------------------------------------------------- 🚀 Who am I? I'm Mahdi, a prop firm trader with 7+ years of experience in technical analysis, mainly focusing on Smart Money Concepts and Elliott Wave theory. I specialize in delivering high-quality trading signals, market insights, and educational content tailored for serious traders and investors. 📊 My Tools: SMC, Elliott Wave, Fibonacci, Liquidity Grabs, Order Blocks 💼 Prop Challenge Passed: Yes | Funded Account: In Progress 🔗 Follow for consistent updates and trading insights.
BLACKBULL:WTILong
by mahdiomidi
WTI(20250808)Today's AnalysisMarket News: ① Trump nominated Stephen Milan, Chairman of the White House Council of Economic Advisers, to serve on the Federal Reserve Board, with a term ending January 31, 2026. ② Waller is reportedly a leading candidate for the next Fed Chair. ③ U.S. Treasury Secretary Bensont stated that the interview process for the Fed Chair has begun. ④ Bostic stated that the July jobs report did change the Fed's outlook on its employment goals. Technical Analysis: Today's Buy/Sell Levels: 63.55 Support and Resistance Levels: 64.86 64.37 64.06 63.05 62.73 62.24 Trading Strategy: If the price breaks above 63.55, consider entering a buy position, with the first target price being 64.06. If the price breaks below 63.05, consider entering a sell position, with the first target price being 62.73.
NYMEX:CL1!Short
by NicolaZhu
WTI quick update. Will we see that 65-dollar break?After OPEC+ meeting, where a promise was made to increase production in September, WTI continues to slide. Let's dig in. MARKETSCOM:OIL TVC:USOIL Let us know what you think in the comments below. Thank you. 75.2% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK. Cryptocurrency CFDs and spread bets are restricted in the UK for all retail clients.
O
by Marketscom
USOIL drops on rising supply and demand concernsUSOIL drops on rising supply and demand concerns Oil prices fell Tuesday as OPEC+ planned a 547,000 bpd output increase for September, overshadowing potential Russian oil supply constraints from U.S. policies. Brent and WTI crude dropped to their lowest in a week, marking a fourth consecutive decline. OPEC+’s reversal of 2.5 million bpd cuts, combined with weak demand outlooks due to U.S. recession risks and China’s lack of new stimulus, pressured prices. Trump’s threatened 100% tariffs on Russian crude buyers like India, which imports 1.75 million bpd, heightened trade tensions but failed to lift oil prices. Analysts warn U.S. tariffs could further weaken global growth and fuel demand. USOIL shows some in-moment strength on RSI on 1-h chart, the price may rebound towards sma200 at 6,700.00. However, in long-term perspective, low oil price is expected. Eventually, the price may decline towards level of 6,000.00.
FOREXCOM:USOILShort
by ProfessorSingapore
WTI(20250805)Today's AnalysisMarket News: Goldman Sachs: We expect the Federal Reserve to cut interest rates by 25 basis points three times starting in September; if the unemployment rate rises further, a 50 basis point cut is possible. Technical Analysis: Today's Buy/Sell Levels: 65.85 Support/Resistance Levels: 67.97 67.18 66.67 65.04 64.53 63.74 Trading Strategy: If the market breaks above 65.85, consider buying, with the first target at 66.67. If the market breaks below 65.04, consider selling, with the first target at 64.53.
NYMEX:CL1!Short
by NicolaZhu
How long can the decline in US crude oil prices last? 💡Message Strategy On Monday (August 4) during the Asia-Europe session, WTI fell for three consecutive days, with a drop of 1.16% today, trading around 66.55. OPEC+'s decision to increase production, coupled with geopolitical and economic policies, has jointly formed the expectation that oil prices will be "weak and volatile, dominated by downward pressure." Short-Term: Increased Supply Drives Price Decline OPEC+'s decision to increase production directly led to further declines in oil prices on Monday (Brent crude fell 0.28% to $69.23/barrel, and WTI fell 0.46% to $67.01/barrel), extending Friday's decline. Market expectations of oversupply reinforced bearish sentiment, particularly as the UAE's additional production increase (accounting for 2.4% of global demand) further amplified the signal of easing supply. However, India's announcement to continue purchasing Russian crude oil partially offset the impact, limiting the price decline and failing to shift the short-term downward trend. Medium-Term: Supply-Demand and Policy Risks Intertwine On the Supply Side: OPEC+'s production increase plan may be paused after September, as Goldman Sachs anticipates accelerated OECD inventory accumulation and fading seasonal demand support. However, if US shale oil production is forced to cut production at break-even points due to low oil prices, OPEC+ may adjust its strategy and even consider further releasing the remaining 1.66 million barrels/day of production capacity, which would continue to suppress oil prices. Long-Term: Market Share Competition and Structural Overcapacity OPEC+'s production increase strategy aims to reshape the global oil landscape by squeezing out high-cost producers, such as US shale oil, through low prices. Due to rising equipment costs driven by tariffs and low oil prices, US shale oil companies have cut capital expenditures, resulting in a decline in the number of active drilling rigs and a slowdown in production growth. This strategic game is likely to keep oil prices in a low range for a long time, with significant long-term downward pressure. Unity within OPEC+ and coordination between Saudi Arabia and the UAE will be key to policy implementation. 📊Technical aspects Crude oil's short-term (1H) trend has reversed downward from its highs. The moving averages are diverging and aligning downward, indicating a downward trend in the short term. The K-line chart has continued to close with small real bodies, and the MACD indicator is about to form a golden cross near the zero axis, signaling weakening downward momentum and a bullish bias on pullbacks. Crude oil is expected to remain weak and downward today, with a potential correction near $65.00.
TVC:USOILLong
by TheodoreSilas
WTI(20250729)Today's AnalysisMarket news: After gold prices soared to an all-time high of more than $3,500 an ounce in April, the latest report from the Commodity Futures Trading Commission (CFTC) showed that fund managers have increased their bullish bets to the highest level in 16 weeks. Technical analysis: Today's buy and sell boundaries: 66.09 Support and resistance levels: 68.13 67.37 66.87 65.30 64.80 64.04 Trading strategy: If the price breaks through 66.87, consider buying, the first target price is 67.37 If the price breaks through 66.09, consider selling, the first target price is 65.30
NYMEX:CL1!Short
by NicolaZhu
Market Analysis: Oil Prices Ease – Market Awaits Fresh CatalystMarket Analysis: Oil Prices Ease – Market Awaits Fresh Catalyst WTI crude oil is also down and remains at risk of more losses below $64.60. Important Takeaways for WTI Crude Oil Price Analysis Today - WTI crude oil price continued to decline below the $66.00 support zone. - It traded below a connecting bullish trend line with support at $65.60 on the hourly chart of XTI/USD at FXOpen. WTI Crude Oil Price Technical Analysis On the hourly chart of WTI crude oil at FXOpen, the price struggled to continue higher above $67.50. The price formed a short-term top and started a fresh decline below $66.00. There was a steady decline below the $65.80 pivot level. The bears even pushed the price below $65.00 and the 50-hour simple moving average. The price traded below a connecting bullish trend line with support at $65.60. Finally, the price tested the $64.75 zone. The recent swing low was formed near $64.73, and the price is now consolidating losses. On the upside, immediate resistance is near the $65.60 zone. It is close to the 50% Fib retracement level of the downward move from the $66.42 swing high to the $64.73 low. The main resistance is $65.80. A clear move above it could send the price towards $66.40. The next key resistance is near $67.50. If the price climbs further higher, it could face resistance near $70.00. Any more gains might send the price towards the $72.00 level. Immediate support is near the $64.60 level. The next major support on the WTI crude oil chart is near $63.20. If there is a downside break, the price might decline towards $60.00. Any more losses may perhaps open the doors for a move toward the $55.00 support zone. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
WTI(20250721)Today's AnalysisMarket news: Waller refused to comment on whether he would dissent at the July meeting, saying that the private sector was not performing as well as people thought, and said that if the president asked him to be the chairman of the Federal Reserve, he would agree. Technical analysis: Today's buying and selling boundaries: 66.42 Support and resistance levels 68.00 67.41 67.02 65.81 65.43 64.84 Trading strategy: If the price breaks through 66.42, consider buying, and the first target price is 67.02 If the price breaks through 65.81, consider selling, and the first target price is 65.43
NYMEX:CL1!
by NicolaZhu
Micro WTI Swing Breakout Setup – Robbing Liquidity the Smart Way🛢️ "Crude Ops: The WTI Energy Vault Breakout Plan" 🛢️ (A Thief Trader Swing Setup | MA Breakout Trap Heist 💰💥) 🌍 Hola! Bonjour! Marhaba! Hallo! Hello Robbers & Market Movers! 🌟 Welcome to another high-voltage heist mission straight from the Thief Trading Den. This ain’t just a chart—this is an Energy Market Extraction Plan based on real smart money footprints 🔎. 🔥 Master Robbery Setup: MICRO WTI CRUDE OIL FUTURES 🎯 We got a bullish breakout alert from the shadows! This is not a drill. 💣 ENTRY STRATEGY 💼 "The Heist Begins Above 68.50" Watch the Moving Average (MA) zone closely—this is where weak hands get trapped and we slide in with stealth limit or breakout orders: 🛠️ Plan of Entry: Buy Stop Order: Just above 68.500 (after confirmation of breakout ✅). Buy Limit Layering (DCA): On pullbacks around 15m/30m swing lows for precision entries. 🧠 Pro Tip: Use alerts to catch the exact entry ignition spark—don't chase, trap with patience like a true thief. 🛑 STOP LOSS (SL) ⚠️ "No SL? That’s a rookie mistake." SL should only be placed post-breakout using the 8H wick-based swing low (around 66.50). 💡 SL is your personal vault door—set it according to: Lot size Risk appetite Layered entry strategy 📌 Reminder: No SL or order placement before breakout. Let the market show its hand first. 🎯 TARGET ZONE (Take Profit) Primary Target: 76.00 🏁 But hey... the smartest robbers escape before alarms ring — so trail that stop, secure your profits, and vanish like smoke 🥷. 💥 FUNDAMENTAL & SENTIMENT CATALYSTS 🔥 Current bullish energy comes from: 📉 USD weakness 🏭 Crude inventory drawdowns ⚖️ Geopolitical supply shocks 🐂 Hedge funds scaling long per latest COT data 📊 Intermarket cues from risk-on assets 🧠 Do your diligence: Go check fundamentals, COTs, and macro narratives before entering. Info = Edge. 📢 RISK MANAGEMENT NOTE 🚨 Don't go wild. Market is volatile, especially around: News drops 📉 Fed or OPEC speeches 🎙️ Crude inventory reports 🛢️ Pause entries during news events. Use trailing SLs to lock the vault behind you. ❤️ SUPPORT THE ROBBERY MISSION 💣 Smash that BOOST button if this plan hits your nerve. Let’s keep robbing liquidity zones together and growing the Thief Trader Brotherhood 🕵️‍♂️💰. 📡 Stay tuned for the next stealth heist drop. We rob the market with class. 💎🚀
NYMEX:MCL1!Long
by The-Thief
Crude oil rises slowly but falls quickly? 💡Message Strategy International oil prices continued to climb on Monday, but the gains were limited. Brent crude futures rose 8 cents to $70.44 a barrel, continuing Friday's 2.51% rise. U.S. WTI crude rose 5 cents to $68.50, having surged 2.82% the previous trading day. The main driving force behind this round of gains came from the market's expectation that the United States would further increase sanctions on Russia. U.S. President Trump said on Sunday that he would provide Ukraine with the Patriot air defense missile system and would make a "major statement" on the Russian issue on Monday. The contradiction between supply and demand is also intensifying. According to market surveys, Brent crude oil rose by 3% last week and WTI rose by 2.2%. The International Energy Agency (IEA) pointed out that although the market supply and demand appear to be balanced on the surface, the actual global oil supply may be tighter than expected due to the summer refining peak and rising electricity demand. 📊Technical aspects WTI crude oil continued its rebound from last week's low on the daily chart, and the current price is running at the downward support of $66.70, indicating that the short-term bullish power has increased. The MACD indicator shows a golden cross and initial volume, and the momentum column begins to turn positive, indicating that the price is expected to challenge the previous high area (69.50-70.20 US dollars). The short-term (1H) trend of crude oil is highly repetitive, and the oil price is supported at the lower edge of the wide range and rises again. The short-term objective trend direction is upward within the range. The bullish momentum is sufficient. 💰Strategy Package Long Position:65.50-66.50，SL：64.00，Target:69.00-70.00
TVC:USOILLong
by TheodoreSilas
WTI(20250715)Today's AnalysisMarket news: Sources said that after Trump's latest trade tax threat, the European Central Bank will discuss a more negative scenario next week than expected in June. The ECB is still expected to keep interest rates unchanged at its meeting on July 24. Discussions on rate cuts are still postponed to September. Technical analysis: Today's buying and selling boundaries: 66.63 Support and resistance levels: 69.20 68.24 67.62 65.65 65.02 64.06 Trading strategy: If it breaks through 66.63, consider buying in, the first target price is 67.62 If it breaks through 65.65, consider selling in, the first target price is 65.02
NYMEX:CL1!
by NicolaZhu
WTI Crude Oil Climbs Higher Amid Market OptimismMarket Analysis: WTI Crude Oil Climbs Higher Amid Market Optimism WTI Crude Oil price climbed higher above $66.50 and might extend gains. Important Takeaways for WTI Crude Oil Price Analysis Today - WTI Crude Oil price started a decent increase above the $66.60 resistance levels. - There was a break above a connecting bearish trend line with resistance at $67.15 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 decent upward move from $65.50. The price gained bullish momentum after it broke the $66.50 resistance and the 50-hour simple moving average. The bulls pushed the price above the $67.00 and $67.50 resistance levels. There was a break above a connecting bearish trend line with resistance at $67.15. The recent high was formed at $67.63 and the price started a downside correction. There was a minor move toward the 23.6% Fib retracement level of the upward move from the $65.54 swing low to the $67.63 high. The RSI is now above the 60 level. Immediate support on the downside is near the $67.15 zone. The next major support on the WTI Crude Oil chart is near the $66.60 zone or the 50% Fib retracement level, below which the price could test the $65.50 level. If there is a downside break, the price might decline toward $64.70. Any more losses may perhaps open the doors for a move toward the $63.50 support zone. If the price climbs higher again, it could face resistance near $67.85. The next major resistance is near the $70.00 level. Any more gains might send the price toward the $72.50 level. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
1
Crude oil shock trend direction 💡Message Strategy During the European trading session on Monday, the West Texas Intermediate (WTI) crude oil futures on the New York Mercantile Exchange recovered the previous losses and rebounded to around $67.50 per barrel. Although OPEC+ confirmed that the increase in oil production in August will be higher than expected, oil prices still rebounded. From the daily chart level, the medium-term trend of crude oil fluctuated upward and tested around 78. The K-line closed with a large real negative line, which has not yet destroyed the moving average system and is still supported. The medium-term objective upward trend remains unchanged. However, from the perspective of momentum, the MACD indicator crosses downward above the zero axis, indicating that the bullish momentum is weakening. It is expected that the medium-term trend of crude oil will fall into a high-level oscillating upward pattern. 📊Technical aspects The short-term (1H) trend of crude oil failed to continue to hit a new low and showed a rebound rhythm. The oil price crossed the moving average system, and the short-term objective trend entered a transition period. From the perspective of momentum, the MACD indicator crossed the zero axis, and the red column indicated that the bullish momentum was sufficient. At present, the price is running in a wide range, with a range of 65.50-67.80. It is expected that the trend of crude oil will repeatedly test the upper edge of the range within the range. 💰Strategy Package Long Position:67.00-67.50，SL：65.50，Target:70.00
TVC:USOILLong
by TheodoreSilas
Crude oil continues to fluctuate upward 💡Message Strategy OPEC+, led by Asian countries, announced on Saturday that it would increase production by an additional 548,000 barrels per day from next month, more than 30% higher than market expectations of 411,000 barrels per day, accelerating the pace of resumption of production after the production cuts in 2023. In addition to supply-side factors, demand prospects are also affected by trade concerns. U.S. Commerce Secretary Howard Lutnick said that the country-specific tariffs that the Trump administration intends to implement will officially take effect on August 1, later than the previously scheduled July 9, leaving trading partners with a short breathing space. Market concerns about the impact of this policy on crude oil consumption have intensified, especially among importing countries, mainly Asian countries. Confidence in the Asian market remains, and Saudi Arabia raises prices to Asia Despite the increase in supply, OPEC+ still emphasized in its statement that "the global economic outlook is stable and the market fundamentals are healthy." As a signal of confidence, Saudi Arabia has raised the prices of major crude oil varieties for Asian customers, indicating that it believes that the Asian market has the ability to absorb additional supply. According to OPEC+ representatives, the alliance will consider whether to increase supply by another 548,000 barrels per day in September at its next meeting on August 3, thereby fully restoring the 2.2 million barrels per day quota cut last year. 📊Technical aspects From the daily chart level, crude oil fluctuates upward and tests around 75 in the medium term. The K-line closes with a large real negative line, which has not yet destroyed the moving average system and is still supported. The medium-term objective trend remains upward. However, from the perspective of momentum, the MACD indicator crosses downward above the zero axis, indicating that the bullish momentum is weakened. It is expected that the medium-term trend of crude oil will fall into a high-level oscillation pattern. After the short-term (4H) trend of crude oil fluctuates and consolidates, it turns into an upward rhythm. The moving average system is arranged in short positions, and the short-term objective trend is upward. The MACD indicator fast and slow lines cross the zero axis, and the bullish momentum is full. It is expected that the crude oil trend will continue to rise after a slight rebound during the day. 💰Strategy Package Long Position:66.00-67.00，SL：65.00，Target:69.00-70.00
TVC:USOILLong
by TheodoreSilas
1
Crude Oil Eyes Bullish Breakout – Demand Zone Holding StrongCrude Oil (USOIL) is forming a potential bullish reversal structure on the 1H timeframe, supported by repeated bounces from a well-respected demand zone. Price currently consolidates below the key resistance level with a visible expanding channel, hinting at possible volatility and breakout. 🔹 Trade Idea: I’m waiting for a clear break and close above 66.50 for a valid long entry. The setup remains invalid unless price confirms this breakout. 🔹 Technical Highlights: - Strong demand zone held price multiple times - Formation of higher impulses with retracements aligning well with Fibonacci levels - Market structure suggests a continuation toward upper targets if 66.50 is broken with momentum 🔹 Trade Plan: - Buy Above: 66.50 (breakout confirmation) - Stop Loss: 64.40 (below demand zone and structure support) - Target: 69.00 (near 2.272 Fibonacci extension) ⚠️ Note: No entry unless 66.50 is broken convincingly. Setup favors disciplined execution only on confirmation.
TVC:USOILLong
by ClearTradingMind
Crude oil moves up alternately during the day 💡Message Strategy WTI crude oil prices snapped a three-day winning streak and were trading around $66.00 a barrel in early European trading Thursday. Crude oil prices fell as rising U.S. crude inventories heightened concerns about weak demand in the United States, the world's largest oil consumer. 📊Technical aspects From the daily chart level, crude oil fluctuates upward in the medium term and tests around 78. The K-line closes with a large real negative line, which has not yet destroyed the moving average system and is still supported. The medium-term objective upward trend remains unchanged. However, from the perspective of momentum, the MACD indicator crosses downward above the zero axis, indicating that the bullish momentum is weakening. It is expected that the medium-term trend of crude oil will fall into a high-level oscillation pattern. The short-term trend of crude oil (4H) fluctuated and consolidated for two trading days. The oil price repeatedly crossed the moving average system, and the objective trend direction fluctuated. From the perspective of the primary and secondary rhythms, the current rhythm is a secondary oscillation rhythm. According to the law of primary and secondary alternation, the subjective trend still maintains an upward direction. In terms of momentum, there are signs of weakening upward momentum, and it is expected that the crude oil trend will continue to be mainly upward. 💰Strategy Package Long Position:65.50-66.00，SL：64.50，Target:69.00-70.00
TVC:USOILLong
by TheodoreSilas
1
WTI on high time frame "Hello traders, focusing on WTI crude oil, the price surged to $78 but sharply retreated to the $65 zone. Over the last five days, the price has consolidated. I believe that the signals from the recent 4-hour candle suggest a potential move towards higher prices, with the next target possibly being around $72. I will be monitoring the price action around $72 closely for a potential rejection or continuation towards even higher prices." If you need further assistance or have additional insights to share, feel free to let me know.
OANDA:WTICOUSDLong
by somayehbasiri
#USOIIL #WTI 1H📈 #USOIL 1H Buy Setup – Liquidity Sweep in Play Crude Oil is consolidating after a sharp decline, forming a potential setup for a liquidity sweep below the current range, followed by a bullish reversal. We're anticipating a fakeout move to grab sell-side liquidity before price targets the Fair Value Gap (FVG) and premium supply zone above. 🟩 Buy Limit: 64.50 / 64.00 🎯 Targets: 70.00 → 72.00+ ❌ Stop Loss: 63.00 This setup offers high risk-to-reward potential if the liquidity sweep plays out as expected. Monitor price action closely at the buy zone. #CrudeOil #WTI #SmartMoney #TradingStrategy
TVC:USOILLong
by PIPSFIGHTER
Crude oil continues to correct, short-term ideas 💡Message Strategy WTI crude oil prices recovered from a two-week low but remained about $12 below the previous Monday's high as upside was limited by Middle East peace and expectations that OPEC+ countries will agree to increase supply again this week. 📊Technical aspects From the daily chart level, crude oil fluctuates upward in the medium term and tests around 75. The K-line closes with a large real negative line, which has not yet destroyed the moving average system and is still supported. The medium-term objective upward trend remains unchanged. However, from the perspective of momentum, the MACD indicator crosses downward above the zero axis, indicating that the bullish momentum is weakening. It is expected that the medium-term trend of crude oil will fall into a high-level oscillation pattern. The short-term trend of crude oil (1H) continues to fluctuate in a narrow range, and the oil price falls back to the lower edge of the range. Pay attention to the support strength of 64. In terms of momentum, the MACD indicator is at the zero axis position, and the long and short forces are equal. It is expected that the trend of crude oil will maintain a fluctuating consolidation pattern during the day. 💰Strategy Package Short Position：65.50-66.50,SL：67.50,Target: 64.00-63.00
TVC:USOILShort
by TheodoreSilas
Market Analysis: Oil Slides — Traders Eye Macro TriggersMarket Analysis: Oil Slides — Traders Eye Macro Triggers WTI Crude oil is down over 15% and remains at risk of more losses. Important Takeaways for WTI Crude Oil Price Analysis Today - WTI Crude oil extended losses below the $68.00 support zone. - A major bearish trend line is forming with resistance near $65.60 on the hourly chart of XTI/USD at FXOpen. Technical Analysis of WTI Crude Oil Price On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $77.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $72.00. There was a steady decline below the $70.00 pivot level. The bears even pushed the price below $68.00 and the 50-hour simple moving average. Finally, the price tested the $63.70 zone. The recent swing low was formed near $63.69, and the price is now consolidating losses. On the upside, immediate resistance is near the $65.60 zone. There is also a major bearish trend line forming with resistance near $65.60. The next resistance is near the $66.80 level or the 23.6% Fib retracement level of the downward move from the $76.93 swing high to the $63.69 low. The main resistance is $70.30 and the 50% Fib retracement level. A clear move above the $70.30 zone could send the price toward $71.90. The next key resistance is near $76.90. If the price climbs further higher, it could face resistance near $78.00. Any more gains might send the price toward the $80.00 level. Immediate support is near the $63.70 level. The next major support on the WTI Crude Oil chart is near $62.00. If there is a downside break, the price might decline toward $60.00. Any more losses may perhaps open the doors for a move toward the $55.00 support zone. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen