Down $.07 or -Zero.14%
The value of crude oil futures tried to get beneath the $50 stage for the third day in a row, however fell brief. At the moment’s low reached $50.30. The low yesterday reached $50.10. The low on Friday reached $50.15.
The value rebounded off the low and settled at this time at $51.56. The excessive worth reached $52.38.
Trying on the hourly chart beneath, the worth has made makes an attempt to get above the 100 hour MA (blue line) since October 10th, however every of these makes an attempt couldn’t get above the 200 hour MA. In consequence, sellers returned and pushed the worth again beneath the 100 hour MA line.
If the worth is to rebound – and put the consumers extra in management – a transfer again above that 100 hour MA (at $52.69 presently) and 200 hour MA (at $54.52 presently) shall be eyed for a shift within the bearish bias to extra bullish.
Till then, the sellers stay in full management.