Crude oil price is mostly trading in a broad range below the $58.00 resistance area against the US Dollar. The price is currently declining and it is trading below the $57.50 resistance area.
Moreover, there was a break below a connecting bullish trend line with support near $57.00 on the hourly chart. At the moment, the pair is showing bearish signs below $57.00 on FXOpen and the 50 hourly simple moving average.
If there is a downside break below the $56.60 and $56.50 support levels, the price may perhaps continue to move down towards the $56.25 support. The next key support is near the $55.70 level.
On the upside, an immediate resistance is near the $57.00 level and the 50 hourly SMA, above which crude oil price could continue to rise towards the $57.50 resistance in the near term.
