Crude oil for July settled at $79.58

Crude oil futures redo winds that align our sewing at $79.58. At the $0.84 on the day. The selling price is near the high for the day. The low for the day was at $78.61.

For the trading week, the price is up 1.87%.

Technically, the price is trading between the 100-day moving average below at $78.57 (blue line), and the 200 day moving average (green line) above currently at $79.96.

This week, sellers had their shot with the tries below the 100-day moving average. On Wednesday, a new low going back to February 26 took the price to the low for the week at $76.72. but the price snapped back higher by the close. Inventory data this week showed a surprise drawdown on Wednesday helping to bottom the price.

The price currently between the MAs is more neutral technically, but with the sellers having their shots this week, the buyers have the control nod heading into the close and the new week. It would now take another move below the 100 day MA to wrestle the control back from the buyers.

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