The price of crude oil moved higher on the back of the Russian missile that landed in Poland killing 2 people.
The price of crude oil raced higher reaching $88.65. That was just above the 200 hour moving average at $88.63. The price has since rotated back to the downside currently trading at $87.52 up about $1.64 from the settle price yesterday.
The downside the broken 38.2% retracement of the range since the September 26 low cuts across at $86.98. It’s 100 hour moving averages just below that level at $86.92.
With the 200 hour moving average stalling the price above. That is now the resistance target at $88.65.
On the downside the combination of the 38.2% retracement at 100 hour moving average at $86.92 is now the support target
Crude oil trades between the 100 & 200 hour moving averages