Aayush Jindal
Key Highlights
- Crude oil prices gained pace for a move above the $80.00 resistance zone.
- A key expanding triangle is forming with resistance at $82.50 on the 4-hour chart.
- Bitcoin is attempting a recovery wave from the $58,500 zone.
- Gold prices are grinding lower from the $2,365 resistance.
Crude Oil Price Technical Analysis
In the past few days, Crude oil prices saw a major increase above the $78.00 resistance. The price even broke the $80.00 resistance before it faced resistance.
Looking at the 4-hour chart of XTI/USD, the price settled above the 200 simple moving average (green, 4-hour) and the 100 simple moving average (red, 4-hour). It tested the $82.20 zone before there was a minor pullback.
There was a drop below the $81.80 level and the price tested the 23.6% Fib retracement level of the upward move from the $77.97 swing low to the $82.19 high.
On the upside, the price is facing hurdles near the $82.20 level. There is also a key expanding triangle forming with resistance at $82.50 on the same chart. The next major resistance is near the $83.20 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $84.50 resistance.
If not, the price might start a steady downside correction. The first major support on the downside is near the $80.50 level. The next major support is at $79.60 or the 61.8% Fib retracement level of the upward move from the $77.97 swing low to the $82.19 high.
Any more losses might send oil prices toward $78.50 or the 100 simple moving average (red, 4-hour) in the coming sessions.
Looking at Bitcoin, there was a sharp decline below the $60,000 level, and now the bulls are attempting a recovery wave from $58,500.
Economic Releases to Watch Today
- US New Home Sales for May 2024 (MoM) – Forecast -2.9% versus -4.7% previous.
