Oil Price Outlook: More Gains in The Coming Sessions Expected

Technical analysis of Forex market

Crude oil price started a strong rise above the $60.00 resistance area against the US Dollar. The price gained strength above $60.50 and even climbed above the $61.00 level.

Moreover, there was a close above the $61.00 level and the 50 hourly simple moving average. The price is now trading near the $61.75 resistance and it seems like there could be more gains in the coming sessions.

– advertisement –

On the downside, there are many key supports forming near the $61.40 level on FXOpen. Besides, there is a connecting bullish trend line forming with support near the $61.45 level on the hourly chart.

If there is a downside break below the $61.45 and $61.40 support, crude oil price could correct towards the $61.00 support. On the upside, the bulls are likely to aim a clear break above the $62.00 resistance area.