Crude oil futures settled $62.79

Crude oil futures settled at $62.79 on the day, gaining $zero.52 or zero.84%. The modest rise displays a market nonetheless looking for route, as merchants weigh near-term provide dynamics and broader macroeconomic uncertainty.

From a technical perspective, the hourly chart exhibits crude largely buying and selling between its key transferring averages. The 100-hour transferring common at present sits at $63.04, performing as resistance, whereas the 200-hour transferring common at $62.20 gives help. Whereas the worth did briefly lengthen past each of these ranges—reaching a excessive of $63.27 and a low of $62.01—it has since pulled again into that vary.

This consolidation suggests the market is in a state of indecision, awaiting a catalyst to drive a extra sustained breakout. For now, the 100- and 200-hour transferring averages stay the vital markers. A transfer above the 100-hour MA would open the door for additional upside momentum, whereas a break under the 200-hour MA may sign a deeper correction. Till then, crude stays range-bound, with merchants looking ahead to the subsequent directional shove.

This text was written by Emma Wang at www.ubaidahsan.com.



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