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Crude Oil Price Aims Key Upside Break, US CPI Next

Key Highlights

  • Crude oil price started a decent increase from the $72.50 zone.
  • A key bullish trend line is forming with support near $75.20 on the 4-hours chart.
  • Gold price is still struggling to clear the $1,825 resistance zone.
  • Bitcoin price might rally if it clears the $18,000 resistance.

Crude Oil Price Technical Analysis

Crude oil price started a fresh decline from the $81.50 resistance against the US Dollar. The price declined below $78, but it found support near the $72.50 zone.

Looking at the 4-hours chart of XTI/USD, the price traded as low as $72.42. Recently, there was a decent increase above the $74 and $74.50 resistance levels. The price was able to clear the 38.2% Fib retracement level of the downward move from the $81.45 swing high to $72.42 low.

However, the price seems to be facing a lot of hurdles near $77, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours). It is also close to the 50% Fib retracement level of the downward move from the $81.45 swing high to $72.42 low.

The next major resistance is near the $78 zone. A clear move above the $78 resistance could open the doors for another steady increase towards $82 or even $84.

If not, the price might drop again from $78. An immediate support is now forming near the $75.20 zone. There is also a key bullish trend line forming with support near $75.20 on the same chart.

The next major support sits near the $73.20 level. Any more losses might call for a test of the $72.40 support zone in the coming days.

Looking at bitcoin price, there was an upside break above the $17,000 resistance, but there are still many barriers on the upside.

Economic Releases to Watch Today

  • US Initial Jobless Claims – Forecast 215K, versus 204K previous.
  • US Consumer Price Index for Dec 2022 (MoM) – Forecast 0%, versus +0.1% previous.
  • US Consumer Price Index for Dec 2022 (YoY) – Forecast +6.5%, versus +7.1% previous.
  • US Consumer Price Index Ex Food & Energy for Dec 2022 (YoY) – Forecast +5.7%, versus +6.0% previous.

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