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The price of West Texas Intermediate crude futures settles at $75.42. This is a decrease of -1.47 dollars or -1.91%. Although it is down nearly 2% today, the price this week is still up 2.09% supported by a more positive technical outlook.
Crude oil stopped at the 200 day moving average this week
Looking at the daily chart, the price moved above its 100-day moving average in Tuesday’s trading at $73.68 (the blue line in the chart above). The price extended higher that day and continued higher on Wednesday and Thursday as the price started to test its higher 200-day moving average. This level comes in at $77.32 (the green line in the above chart).
Today’s high price stopped in front of this level (the price reached $77.30) and buyers turn to sellers. On the daily chart, the price is back down towards the June 5 low near $75.06. Today’s low reached $75.11, just above this level.
Looking at the hourly chart, today’s bearish decline also stalled against the 100 hourly moving average (blue line in the chart below).
So as we enter the new trading week, the 100 hourly moving average and the swing level from June 5th will identify support. Move lower and the bias will have traders looking at the 100-day moving average at $73.68. On the upside, the 200-day moving average at $77.32 becomes the major target that you still have to reach.
