Crude oil snaps its three day run to the upside

The price of crude oil settled today and $77.50. That was down -$1.32 or -1.67% on the day. The fall snapped it three day streak of gains that saw some the price move up from a low of $72.84 to a high price yesterday of $79.27. The high price today reached $79.09, while the low price reached $77.41.

Technically, the price moved above a trend line yesterday. The next key target on the daily chart would be the 50% midpoint of the move down from the September 2023 high. That level is at $80.15.

Today the price could not stretch any further to the upside. However, the low price did stalled against the broken trendline. That level comes in and $77.34. The low price came in at $77.41.

The private crude oil data will be released around 4:30 PM ET. Crude oilI s expected to show a drawdown of -1 million barrels. Distillates is expected to show a buildup +0.8 million barrels a gasoline is expected to show a drawdown of -2 million barrels.

This article was written by Greg Michalowski at www.forexlive.com.