Crude oil futures are trading between the 100 and 200 week moving averages
Crude oil futures are trading up about $1 on the day at $77.85 (up 1.25%). Today's low extended to $76.18. This was the lowest level dating back to February 26th.
This week, the price is currently down -$1.62 or minus 2.05%.
Looking at the weekly chart, lows remained above its 200-week moving average at $75.60 (lowest at $76.18). This week's high of $80.70 remained below its 100-week moving average of $80.55. The price remained between those moving averages for the third week in a row.
Going forward, it will take a move above the 100-week moving average or below the 200-week moving average to tilt the bias in the direction of a breakout. In the absence of this, the price becomes more neutral, at least from a long-term perspective. The midpoint of the range since the 2023 low comes in at $79.30. The price is below the midpoint level.
