Crude oil futures are trading up around one dollar on the day at $77.85 (up 1.25%). The low price today extended down to $76.18. That was the lowest level going back to February 26.
This week, the price is currently down $-1.62 or minus 2.05%.
Looking at the weekly chart, the low prices stayed above its 200-week moving average at $75.60 (low at $76.18). The high price for the week at $80.70 stayed below its 100-week moving average at $80.55. The price stayed between those MAs for the 3rd week in a row.
Going forward, it would take a move above the 100-week MA or below the 200 week moving average to tilt the bias in the direction of the break. Absent that, the price is more neutral at least from a longer-term perspective. The midpoint of the range since the 2023 low comes in at $79.30. The price is below that midpoint level.
This article was written by Greg Michalowski at www.forexlive.com.
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