Crude oil failed on breaks of 100 and 200 hour MAs today
The price of WTI crude oil futures are selling at $70.73 (yesterday the price settled at $71.29). The high price today reached $72.03. The low price extended to $69.51. The current price is near mid range.
The price is down for the third time in last four trading days.
Looking at the hourly chart, high for the day stalled near its 100 hour moving average (blue line currently at $71.62). The low price traded below its 200 hour moving average at $70.27. However, the price has since moved back above that level.
With the price between the 100 and 200 hour MAs, the battle is still on for control of the shorter term bias. Both buyers and sellers had their shots today. Both missed
