Crude oil backs off from key ceiling area but the battle continues between buyers/sellers

Crude oil is currently trading at $82.47.

Technically, that puts the price within the swing area ceiling between $82.43 and $83.44 (see yellow area and read number circles on the chart above). The high price today reached $83.30. The high price on Friday reached $83.24. Sellers leaned and pushed the price back to the downside. However, the price is not tumbling lower.

So buyers and sellers are both fighting it out. A move above $83.44 would open the door for a potential move toward the 38.2% retracement of the move down from the 2022 high at $86.58. Conversely, staying below may tilt buyers to sellers.

Key technical area and barometer for the price of oil going forward.

This article was written by Greg Michalowski at Source