Oil price technical analysis: the XTI/USD pair started a strong upward move

Crude oil price formed a solid support near the $63.10 level and recently moved higher against the US Dollar. The price broke the $63.50 resistance level to start a strong upward move.

During the rise, it broke a connecting bearish trend line with resistance at $63.75 on the hourly chart. The price settled climbed towards the $64.50 level on FXOpen UK and settled above the 50 hourly simple moving average.

Chart

A swing high was formed at $64.60 and the price is currently consolidating gains. An initial support is at $64.40 and the 23.6% Fib retracement level of the last wave from the $63.70 low to $64.60 high.

It seems like dips remain supported near the $64.40 and $64.20 levels. On the upside, a break above the $64.60 and $64.65 resistance levels may push the price towards the $65.00 resistance in the near term.

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