Crude oil pushes toward 200 day MA. Third test of the 200 day MA in May

Crude oil futures are moving higher with the index now up $2.00 or 2.57% at $79.73. The high price reached $79.77 so far. That high is just short of its 200-day moving average is $79.83.

Recall from last Monday, the high price extended to and briefly through the 200 day moving average only to rotate and close lower on the day. On May 10, the price also tested the 200-day MA and found sellers. Getting above that 200-day moving average is needed to increase the bullish bias.

The $80 level and the 50% midpoint of the range since the September 2023 high comes in at $81.36. Just ahead of that swing lows from April come in at $80.82. Those are the next target on a break of the 200-day moving average.

This article was written by Greg Michalowski at Source