Technical Analysis

Crude oil checks damaged 100 hour MA. Key take a look at for bulls (and bears)

Keep above is extra bullish. Transfer beneath is extra bearish.

The value of crude oil traded to new session lows at $49.41. Getting beneath the $50 triggered sellers. The lows this week got here in at $50.05 to $50.20.  

Nevertheless, when that break decrease failed, the sellers coated and the worth moved greater.

That transfer greater was capable of get above the 100 hour MA (blue line at $51.30) and transfer to a excessive of $52.20.  

The final hour or so has seen some promoting and the worth is again down re-testing the damaged 100 hour MA. Key stage people for the patrons and the sellers.  Keep above and the merchants will take the worth again greater with the excessive from yesterday at $52.56 after which the 200 hour MA at $53.25 (and transferring decrease – inexperienced line) as the following targets.

ForexLive


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