Crude oil price started a downside correction from well above the $82.00 level against the US Dollar. The price tested the $78.50 support zone, where the bulls emerged.
The price recovered above $80.00, but it failed to continue higher. A high was formed near $80.62 before there was a fresh decline. There was a break below a key contracting triangle with support near $79.45 on the hourly chart.
On the downside, an initial support is near $78.80 on FXOpen. The first major support is near the $78.50, below which there is a risk of more losses. In this case, the price could even test $77.00 in the near term.
On the upside, the $80.50 level is a key hurdle. A clear break above the $80.00 and $80.50 levels could start a fresh increase in the near term.
