Crude oil futures are settling at $73.04. That’s down -$1.03 or -1.39%.
Crude oil is shifting decrease and away from its 200 day MA
The excessive value for the day reached $75. The low value prolonged to $72.66. The low value of from the month of November reached $72.22. Transferring beneath that degree is required to extend the bearish bias.
Final week the excessive costs spiked as much as $79.56. That took the value above the 50% of the 2023 buying and selling vary at $79.30. Nevertheless, momentum rapidly light and the value rotated not solely beneath the 50% retracement degree, but in addition its 200-day shifting common at $78.05. The following transfer to the draw back additionally broke beneath the 61.8% retracement of the 2023 buying and selling vary at $75.59. That degree is now an upside goal (and danger degree) for sellers in search of extra draw back momentum.
