Crude oil futures settled at $65.16, down $0.87 on the day.
Earlier this week, the price briefly broke below the falling 100-day moving average (blue line on the chart), but each time, downside momentum faded and daily closes returned above that level—indicating a lack of sustained bearish conviction.
Heading into the new trading week, sellers would need to push and hold the price below the 100-day moving average to increase the bearish bias. A break below the swing area low at $63.61 would further bolster downside momentum and seller confidence.
On the topside, resistance is seen at $66.96, followed by the 200-day moving average at $67.99.
This article was written by Greg Michalowski at investinglive.com.