Crude oil futures settle at $81.41

The price of crude oil settled at $81.41. That is down $-0.92 or -1.12%.The fall is the 3rd day in a row lower.

Technically, looking at the daily chart, the high price on Friday – before the move lower – peaked at $84.52. That price tested the topside trendline connecting highs from April 2023 and May 2024. The inability to get above that trendline, gave the sellers the go-ahead to correct to the downside.

The last three days have now seen the price move down to a low today of $81.25 or down -3.8% from the high. The next target on the daily chart comes in at a swing level near $80.62 (see red number circles). Below that is the rising 100-day moving average at $80.35.

There should be support near those levels on a test (be aware). However, if broken, the price can move down to $79.21 where the 200-day moving average is found.

Sellers are making a play. However, support is approaching.

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