(MENAFN- FXOpen) Crude oil price started a strong recovery wave above the $37.80 resistance zone against the US Dollar. The price broke many important hurdles near $38.50 and $39.20 to move into a positive zone.
The price even broke the $40.00 resistance and settled nicely above the 50 hourly simple moving average. It traded as high as $41.47 and it is currently consolidating gains.
On the downside, an initial support is near the $41.20 level. The main support is near the $41.00 level and a key bullish trend line on the hourly chart. If there is a downside break below the trend line, the price could test the 50 hourly SMA at $40.20.
On the upside, the price is facing hurdles near $41.50. A successful break above the $41.50 resistance zone could open the doors for a larger upward move towards $42.50 or $43.00.
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