Crude oil settles at $78.45

Crude oil futures are settling at $78.45. That is down $0.17 and -0.22%

The high-priced today reached $79.11. The low price was at $77.75.

Looking at the daily chart above, the price high this week moved toward the near converged 100 and 200 day moving averages. Those levels come near $79.45.

Going into next week, the moving averages will be the key barometer for both buyers and sellers. Moving above both those moving averages is needed to increase the bullish bias from a technical perspective.

Conversely, staying below would keep the sellers more in control.

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