Crude Oil Price Slowly Recovering

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There was a decent upside move in Crude oil price after a decline towards $41.85 level against the US Dollar.

The price has formed a support and started trading higher above $42. There was a close above the 23.6% Fib retracement level of the last decline from the $45.25 high to $41.84 low.

The price also moved above a bearish trend line at $42.70 and 100 hourly simple moving average. Any dips from the current levels towards $43 might be considered as buying opportunity.

On the downside, there is a trend line at $43 and the 100 hourly SMA at $43.12 are good supports in the near term.

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