(MENAFN- FXOpen) Crude oil price climbed higher sharply from the $39.50 zone against the US Dollar. The price surpassed a few hurdles near $40.50 to move into a positive zone.
However, the price is now facing resistance near the $41.20 level. There is also a connecting bearish trend line forming with resistance near $41.20 on the hourly chart. The price is currently trimming gains and trading near $40.80, plus the 50 hourly simple moving average.
If there is a downside break and close below the 50 hourly SMA, there is a risk of more downsides below the $40.50 support. Then next major support is near the $40.00 level.
On the upside, the price must clear the trend line resistance and $41.25 to continue higher. The next major resistance and a barrier is near the $41.50 level.
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