Oil price technical analysis: the XTI/USD price is currently correcting lower

FXOpen Broker Team FXOpen

Crude oil price remained in a strong uptrend from the $63.60 swing low this week against the US Dollar. The price climbed above the $63.80 resistance and recently gained momentum above the $64.50 resistance.

The price even broke the $65.50 level and the 50 hourly simple moving average. A new swing high was formed at $66.52 on FXOpen UK and the price is currently correcting lower. On the downside, there is a major bullish trend line in place with support at $65.70 on the hourly chart.

As long as the price is above the trend line support, it could bounce back above $66.00. On the upside, the price must break a connecting bearish trend line at $66.00 to start a fresh rise in the near term.

Conversely, if there are additional losses below $65.70 and the 50 hourly SMA, the next main support is near the $65.30 level.

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FXOpen Broker Team

FXOpen

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