Technical Analysis

Crude oil falls below 100 and 200 hour moving averages

Encouraged by Iran nuclear talks

The price of crude oil has fallen sharply below its 100 and 200 hour moving averages.  See Adam’s post here for the news triggering the fall. 

The price of WTI crude oil futures fell down toward the $64 level (the low reached $64.11). In the process, the 100 /200 hour MAs were broken at $65.30 and $65.16 respectively. It would take a move back above those moving averages to increase the bullish bias now. Sellers are now more in control. 

On the downside, the next target comes in at the 50% retracement of the move up from the April 22 low. That level comes in at $63.79. The low price from last week reach down to $63.04 and would be a another target on increased bearish momentum.

The high today reached around $67. That did take the price above the May highs at $66.60 and $66.73. The failure to extend higher, turned buyers and sellers. The breaking below the moving averages increased the sellers control. 

Articles You May Like

HOW TO START FOREX TRADING IN UNDER 10min. (Beginners First Video)
Justin Sun vs. SEC, Do Kwon arrested, 180M player game taps Polygon: Asia Express
The Most Applicable Day Trading Strategy For Any Market Right Now…(My Go-To 15m Trading Strategy)
One year after the first rate hike, the Fed stands at policy crossroads
Confluence Trading Strategy! 🤑 #Forex #shorts

Leave a Reply

Your email address will not be published. Required fields are marked *