US crude oil futures settled at $71.03

US crude oil futures are settling at $71.03. That’s down $1.67 or -2.three%

Trying on the hourly chart, the worth on MOnday, prolonged above the 200 hour MA, however couldn’t maintain momentum. Most of yesterday and in the present day, the 100 hour MA has been resistance. Bearish.

The worth low has moved down towards the low from yesterday at $70.64. The low in the present day reached $70.99.

Going ahead, so long as the worth is beneath the 200 hour MA at $73.15, the sellers are nonetheless extra in management. It could take a transfer above the 100 hour MA (at $72.69 after which the 200 hour MA harm the bearish bias.

On the draw back, the nest goal is available in at $70.64 (swing stage). Break beneath it, and the door opens for extra draw back momentum.

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



Source link