Down $0.50 or -1.08%
The price of crude oil futures had an up and down session today. The prices settle that $45.76. That was down $-0.50 or -1.08% on the day
The high for the day reached $46.54, while the low extended to $45.36.
Looking at the hourly chart above, at the lows today, the contract stalled right at its 100 hour moving average (blue line in the chart above). The subsequent run to the upside stalled ahead of the high from Friday's trade at $46.68 (the high was $0.14 short of that level).
What next?
Going forward, a move below the 100 and 200 hour moving averages at $45.42 and $45.32 respectively will be needed to increase the bearish bias.
On the topsdie, The November 25 high at $46.26 and the December 4 high at $46.68 are the upside targets needed to get to and through to keep the bullish momentum seen recently intact.
