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Oil Price Outlook: A Breakout Pattern Is Forming With Resistance Near $61.90

Crude oil price started a downside correction after it failed to settle above $64.00 against the US Dollar. The price broke the $62.50 support zone to move into a short-term bearish zone.

The price even declined below $62.00 and tested the $60.50 support. A low was formed near $60.57 before the price recovered higher. It is now trading above $61.50 and the 50 hourly simple moving average.

It seems like there is a breakout pattern forming with resistance near $61.90 on the hourly chart. If the price breaks the $61.90 and $62.00 resistance levels, it could start a fresh increase towards $64.00 on FXOpen.

Conversely, there could be a downside break below the $61.50 and $61.20 support levels. In the stated case, the price might decline towards the $60.50 support level in the near term.

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