Crude oil settles at $73.56

Crude oil futures are settling at $73.56 which is down -$Zero.40 or -Zero.54%.

The excessive worth as we speak reached $74.96. That prime was inside shouting distance of the falling 200-day shifting common is $75.34 ($Zero.38). The value has not traded above the 200-day common since October eight (the break above that MA failed on that day).

The value has not closed above its 200-day shifting common since August 15.

Going ahead it might take a transfer above that 200 shifting common and staying above to extend the bullish bias from a technical perspective. If accomplished, the 50% midpoint of the 2024 buying and selling vary is available in at $76.44 and could be the following upside goal.

The value is at the moment again under the 38.2% of the 2024 vary at $73.81. That may have to be damaged once more to extend the bullish bias.

On the draw back, the 100-hour MA is available in at $72.59 (that’s close to the low from January three) and is just under an upward-sloping pattern line on the hourly chart. Beneath that the 38.2% of the transfer up from the December 20 low is available in at $72.46 (see yellow space on the chart under).

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



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