Technical Analysis

Crude oil settled at present at $54.56. Patrons nonetheless in management after take a look at of 200 hour MA holds assist

Down $.70 or -1.27%

The value of crude oil futures fell inside $54.56.  That was down $.70 or -1.27%.

The low for the day attain $53.29 whereas the excessive prolonged to $55.75. The shut was inbetween these two technical ranges.

Down $.70 or -1.27%

Trying on the each day chart beneath, the contract on the lows was testing its 200 hour shifting common(inexperienced line within the chart above). That shifting common presently is available in at $53.52.  The value will not be in a position to keep beneath that degree, and that helped to push the value up into the shut. 

The value moved up final week on the again of latest sanctions on Venezuela, expectations that OPEC cuts would reduce provide, and a fall in US rig counts on Friday (Baker Hughes oil rig rely fell by 15 final week). The autumn and rise off the 200 hour MA retains the consumers/bulls extra in management.  

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