The price of crude oil is trading down $1.38 or -1.67% at $81.36. The low price just reached $81.21.
Looking at the hourly chart, the move lower has now taken the price below its 100-hour moving average at $81.50. That moving average will be a barometer for buyers and sellers today in the short-term,. Trading below is tilts the buyers more to the downside.
The price yesterday reached a high of $83.12. That was the highest level since November 3, 2023. The move up from the March 11 low to the high price reached yesterday, was 8.24% (in six trading days).
This article was written by Greg Michalowski at www.forexlive.com. Source