WTI Crude Oil ReboundsWTI Crude Oil Rebounds
Crude oil is recovering and might rise toward the $64.30 resistance zone.
Important Takeaways for WTI Crude Oil Prices Analysis Today
- WTI Crude oil is recovering losses and trading above $62.60.
- There is a major bearish trend line in place with resistance near $63.65 on the hourly chart of XTI/USD.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil, the price found support near $61.60 against the US Dollar. The price formed a base and started a recovery wave above $62.60 and the 50-hour simple moving average.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $64.32 swing high to the $61.58 swing low. The hourly RSI is above the 60 level, but the price is struggling near $63.65.
Besides, there is a major bearish trend line in place with resistance near $63.65. It coincides with the 76.4% Fib retracement. A close above the trend line resistance might send the price toward the $64.32 high.
The next hurdle could be $65.00. A clear move above $65.00 could send the price toward $66.25. Any more gains might open the doors for a test of $68.00.
Conversely, the price might start a fresh decline from $63.65. Immediate support sits near $62.95. The key breakdown zone on the WTI crude oil chartmight be $62.60 and the 50-hour simple moving average.
If there is a downside break, the price might decline toward $62.60. Any more losses might encourage the bears for a push toward the $61.58 low.
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