- Crude oil settles lower, slipping over 1% as sellers defend key technical resistance.
- 200-hour moving average caps the rally, reinforcing downside momentum.
- Swing-area support tested, raising the risk of further declines if broken.
Crude oil futures finished the session at $58.25, a decline of $0.63 or -1.07%. The market briefly pushed higher early in the day, reaching a session peak of $59.17, before losing momentum and retreating into negative territory. On the downside, the contract touched an intraday low of $58.12, reflecting a notable shift in sentiment as traders faded the early strength.
From a technical standpoint, today’s high stalled precisely at the 200-hour moving average, a level that continues to act as a firm ceiling and keep buyers on the defensive. Once crude failed at that resistance, sellers stepped in and drove the price lower, pushing it beneath the 61.8% retracement of the entire rise from the October 20 low at $50.49.
The decline ultimately brought crude into a key swing-area support zone between $58.13 and $58.49, an area highlighted as pivotal in recent sessions. Price tested the lower boundary of this zone, and while buyers held the initial line, the structure remains fragile. A decisive move below this region would likely spark additional downside momentum and reinforce the broader bearish bias.
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