Crude oil settles at $73.56

Crude oil futures are settling at $73.56 which is down -$0.40 or -0.54%.

The high price today reached $74.96. That high was within shouting distance of the falling 200-day moving average is $75.34 ($0.38). The price has not traded above the 200-day average since October 8 (the break above that MA failed on that day).

The price has not closed above its 200-day moving average since August 15.

Going forward it would take a move above that 200 moving average and staying above to increase the bullish bias from a technical perspective. If done, the 50% midpoint of the 2024 trading range comes in at $76.44 and would be the next upside target.

The price is currently back below the 38.2% of the 2024 range at $73.81. That will need to be broken again to increase the bullish bias.

On the downside, the 100-hour MA comes in at $72.59 (that is near the low from January 3) and is just below an upward-sloping trend line on the hourly chart. Below that the 38.2% of the move up from the December 20 low comes in at $72.46 (see yellow area on the chart below).

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