Crude oil price started a fresh increase after it formed a base above the $100 level against the US Dollar. The price broke the $105 resistance zone to move into a positive zone.
The price gained pace for a move above the $108 level and the 50 hourly simple moving average. It is now consolidating gains above the $107.50 level. There is also a key bullish trend line with support near $107.30 on the hourly chart.
However, the price is struggling to gain pace above the $108 resistance. The next key resistance is near the $109.20 level, above which the price might rise steadily towards the $112 resistance level.
If not, the price might continue to move down towards the $106.50 support. If there is a downside break below $106.50, the price might accelerate lower to $105.00. Any more losses might call for a test of $102.00 on FXOpen.
