Oil Price Moved into a Positive Zone above $105 Resistance

Technical analysis of Forex market

Crude oil price started a fresh increase above the $100.00 resistance against the US Dollar. The price even accelerated higher above the $105 resistance to move into a positive zone.

It traded as high as $114.52 before correcting lower. The price is now consolidating near the $108.00 level and the 50 hourly simple moving average. There is also a key bullish trend line forming with support near $107.65 on the hourly chart.

If there is a downside break below the trend line support, the price might accelerate lower to $105.00. Any more losses might call for a test of $100.00 on FXOpen.

An immediate resistance is near the $109.50 level. A break and close above the $109.50 level might push the price above $110.00. The next key resistance is near the $110.80 level, above which the price might rise steadily towards the $113.50 resistance level.