Oil Price Declined Below $100 to Move into a Bearish Zone

Technical analysis of Forex market

Crude oil price started a downward move from well above the $108 level against the US Dollar. The price declined below the $100 level to move into a short-term bearish zone.

A low was formed near $98.77 before there was a fresh increase. The price climbed above the $102 level and the 50 hourly simple moving average. There was a move above a key bearish trend line with resistance near $103.30 on the hourly chart.

However, the price is struggling to gain pace above the $105 resistance. The next key resistance is near the $105.50 level, above which the price might rise steadily towards the $108 resistance level.

If not, the price might continue to move down towards the $101.20 low. If there is a downside break below $101.20, the price might accelerate lower to $100.00. Any more losses might call for a test of $95.00 on FXOpen.