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The price of crude oil futures are settling above $80 for the first time since July 18. The price settled at $80.06 up $3.22 or 4.19%. Geopolitical risks are helping to support the price of crude oil as Iran is threatening to retaliate against Israel.
Technically, the price moved above its 200-day moving average (green line in the chart below). The high price today tested its 100-day moving average (blue line on the chart below) near $80.16 and has backed off a bit. Getting and staying above the 100 a moving average is needed to increase the bullish bias technically.
This article was written by Greg Michalowski at www.forexlive.com.
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