Crude oil futures settle at $77.87

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 Source