Crude oil price rallied further towards the $76.40 zone before it faced sellers against the US Dollar. The price started a downside correction below $76.00 and $75.00.
The price even broke the $74.00 support zone and it settled below the 50 hourly simple moving average. There was also a break below a major bullish trend line with support near $75.00 on the hourly chart. It traded as low as $72.41 on FXOpen and it is now showing a few bearish signs.
An initial resistance on the upside is near the $73.35 level. A clear break above the $73.35 and $73.50 levels could start a major increase in the near term.
On the downside, an initial support is near the $72.50 level. The first major support is near the $72.20 level, below which there is a risk of more losses. In this case, the price could even test $70.00 in the near term.
