XTI/USD outlook: Crude Oil in a bullish trend with support near $58.70

Crude oil price remained strong this week and moved above the $57.00 and $58.00 resistance levels against the US Dollar. The price even traded above the $58.50 resistance level on FXOpen UK before sellers took a stand near the $59.00 resistance.

A swing high was formed at $59.01 and later there were a few range moves. On the downside, there is a strong support formed above the $58.20 level and the 50 hourly simple moving average. There are also two key bullish trend lines in place with supports near $58.70 on the hourly chart.

Oil

Therefore, if there is a downside correction, the price is likely to find a strong buying interest near the $58.70 and $58.50 levels.

On the upside, a break and close above the $59.00 level may perhaps open the doors for more gains towards the $59.40 and $59.80 resistance levels.

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