Aayush Jindal
Key Highlights
- WTI Crude Oil prices started a recovery wave from the $65.20 zone.
- It traded above a connecting bearish trend line with resistance at $67.40 on the 4-hour chart.
- Gold prices corrected some gains from the $3,050 resistance.
- Bitcoin recovered ground and cleared the $86,500 resistance.
WTI Crude Oil Price Technical Analysis
WTI Crude Oil price extended losses below $70.00. The price tested the $65.20 zone and recently started a recovery wave.
Looking at the 4-hour chart of XTI/USD, the price was able to clear the $66.50 and $67.00 resistance levels. It cleared the 38.2% Fib retracement level of the downward move from the $73.12 swing high to the $65.22 low.
The price traded above a connecting bearish trend line with resistance at $67.40 on the same chart. There was a move above the 100 simple moving average (red, 4-hour) and a spike above the 50% Fib retracement level of the downward move from the $73.12 swing high to the $65.22 low.
On the upside, the price is facing hurdles near the $69.80 level and the 200 simple moving average (green, 4-hour). The main hurdle is now near the $70.10 zone, above which the price may perhaps accelerate higher.
In the stated case, it could even visit the $71.50 resistance. Any more gains might call for a test of the $72.00 resistance zone in the near term.
On the downside, the first major support sits near the $67.60 zone. A daily close below $67.60 could open the doors for a larger decline. The next major support is $66.40. Any more losses might send oil prices toward $65.00 in the coming days.
Looking at Gold, there was a strong increase above the $3,020 level and the price is now correcting some gains.
Economic Releases to Watch Today
- US Housing Price Index for Jan 2025 (MoM) - Forecast +0.2%, versus +0.4% previous.
- US New Home Sales for Feb 2025 (MoM) – Forecast -0.8% versus -10.5% previous.
