Crude oil futures settled today at $82.21, down $0.41 or -0.50%.
For the trading week, the price is down -1.21% after closing last week at $83.16.
This is the first decline after four consecutive weeks of gains that pushed the price from its low during the week of June 3 at $72.48 to its high last week at $84.52.
The recent high from last week stopped at a downtrend line (see daily chart below). This week’s low was $80.81. That was within $0.41 of its 100-day moving average at $80.40 (its current 100-day moving average is at $80.49).
Going into the week ahead, the 100-day moving average will remain a key downside gauge. The upper trend line currently nearing $84.21 will be a key level, and if broken along with last week’s high at $84.52, it will be even more bullish.
