WTI crude oil futures are settling at $77.87. That’s up $0.95 or 1.24%.The high price today reached $78.47. The low price was at the $76.87.
Looking at the daily chart of crude oil, at session highs, the price did extend above its 100-day moving average (blue line on the chart above) at $78.07. That was the first break above that MA since November 6. It also extended above the 38.2% retracement of the move down from the September 2023 high. That retracement level comes in at $78.15.
However, the rally above those levels fizzled and the price rotated back down. The price settled and currently trades between its 200-day moving average at $77.38 and its 100-day moving average at $78.07.
What next?
Traders will continue to look for a break either above the 100-day moving average (blue line) or below the 200-day moving average (green line) with momentum. Until then, buyers and sellers are battling it out between the moving average levels.
This article was written by Greg Michalowski at www.forexlive.com. Source