Crude oil rises to 200 hour MA. Backs off against the technical trading level

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

Technical Analysis

Articles You May Like

May retail sales rise 0.1%, weaker than expected
USDCAD bounces higher today but only to the 50% midpoint of the 2-month trading range
Swiss Franc Rallies Amid Falling Yields and Political Risks
USD/JPY Price Analysis: Advances steadily yet consolidates below 158.00
Consumer spending, inflation, and housing are 3 things to watch in the market next week

Leave a Reply

Your email address will not be published.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