Crude oil moves back to the 200 hour MA/midrange
The price of crude oil shot higher as Europe was heading into their close. The price rise moved above the 200 hour MA and a topside trend line. The 38.2% of the move down from the July 29th high was tested near the $91.87. The high price reached $92.08 before rotating back to the downside.
That move to the downside has now seen the price rotate back to the 200 hour moving average at $90.12.
The price is are coming into the settlement for the day and the week, so there could be extra volatility. However, that moving average will be a barometer for buyers and sellers going forward and into the new trading week.
Of note from earlier today is the dip to the low for the day was able to extend briefly below its 100 hour moving average (blue line in the chart above), but like the break above the 38.2% at the high, the momentum on the break faded fairly quickly.
So overall sellers had their shot briefly below the 100 hour moving average and buyers had the shot briefly above the 38.2% retracement with both failing. As a result, the price has move back toward the middle of that range near the 200 hour moving average. That might be a good area to stall ahead of the weekend and into trading next week.