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Crude Oil Price Reclaims $80, Can Bulls Push It To $85?

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Aayush Jindal

Key Highlights

  • Crude oil bulls are eyeing an upside break above the $82.80 resistance.
  • There was a break above a major bearish trend line with resistance at $79.45 on the 4-hour chart.
  • Gold prices started a downside correction from the $2,195 zone.
  • Bitcoin struggled above $72,000 and corrected below $70,000.

Crude Oil Price Technical Analysis

After forming a base above the $76.80 level, Crude oil prices started a fresh increase. The bulls pushed the price above the $80.00 resistance zone.

Looking at the 4-hour chart of XTI/USD, there was a break above a major bearish trend line with resistance at $79.45. The price settled above the $80.00 level, the 200 simple moving average (green, 4-hour), and the 100 simple moving average (red, 4-hour).

The price tested the $82.80 resistance and recently started a consolidation phase. The current price action suggests a high chance of more upsides above $82.80.

On the upside, the price is facing hurdles near the $82.80 level. The next major resistance is near the $83.00 zone, above which the price may perhaps accelerate higher. In the stated case, it could even visit the $85.00 resistance.

If not, the price might correct lower and test the $80.80 support. The first major support on the downside is near the $80.00 level. The next major support is at $79.40, below which the price might test the 100 simple moving average (red, 4-hour). Any more losses might send oil prices toward $78.00.

Looking at Gold, the price started a downside correction below the $2,165 level and might even test the $2,120 support.

Economic Releases to Watch Today

  • Canadian Consumer Price Index for Feb 2024 (MoM) – Forecast +0.6%, versus 0% previous.
  • Canadian Consumer Price Index for Feb 2024 (YoY) – Forecast +3.1%, versus +2.9% previous.
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