Oil Price Outlook: A Major Bullish Trend Line Forming with Support Mear $72.50

Technical analysis of Forex market

Crude oil price started a fresh increase above the $70.00 resistance against the US Dollar. The price remained well bid and it even surpassed the $71.50 level.

There was a close above the $73.00 level and the 50 hourly simple moving average. A high is formed near $73.51 and the price is now slowly moving lower. On the downside, there is a major bullish trend line forming with support near $72.50 level on the hourly chart.

A break and close below the trend line support could lead the price towards the $72.00 support level. Any more losses might call for a test of $70.00 on FXOpen.

Conversely, there could be more upsides above the $73.50 level. The first key resistance is near the $74.00 level, above which the price might rise steadily towards the main $75.00 resistance level.