Crude Oil Price Recovery Won’t Be Easy           

 

USOILH1

Crude oil price recently declined from the $48.50 swing high against the US Dollar and moved towards the $45.50 support area.

A low was formed at $45.40, and the price started correcting higher. It is currently following a decent bullish trend line on the hourly chart at $45.90, which is acting as a support.

However, the price is struggling to break a major hurdle near $46.50-60 formed with two bearish trend lines on the same chart. Furthermore, the 100 hourly simple moving average at $46.15 is also acting as a resistance.

If the price trades higher, it may face sellers near $46.50-60 and likely to retest the last low of $45.40 in the near-term.

*By trading CFDs your capital is at risk.

Leave a Reply