Crude oil price started a fresh decline from well above the $65.00 level against the US Dollar. The price broke the $63.50 support zone to move into a short-term bearish zone.
The price even declined below $62.50 and the 50 hourly simple moving average. It traded as low as $61.63 on FXOpen and it is now consolidating losses. On the upside, there is a major bearish trend line forming with resistance near the $62.40 zone on the hourly chart.
A clear break above the trend line resistance could lead the price towards the $63.20 resistance and the 50 hourly SMA. The next major resistance is near the $65.00 level.
Conversely, there could be a downside break below the $61.60 and $61.50 support levels. In the stated case, the price might decline towards the $60.00 support level in the near term.
