Assessments the 38.2% and swing lows from final week
The value of crude oilis buying and selling on the lows for the day. A tweet earlier by Pres Trump imploring OPEC to push the worth decrease, is the catalyst for the transfer.
Technicallly, wanting on the hourly chart above, the worth has simply moved beneath its 200 hour MA (inexperienced line) and is down testing the 38.2% of the transfer up from the Feb 11 low at $55.30. Lows from final week are additionally within the space (at $55.29 and $55.43). A break beneath would improve the bearihs bias.
The transfer decrease right now has taken the worth beneath the 100 hour MA (blue line at $56.73) and as talked about, the 200 hour MA (inexperienced line) at $55.72. Final week, the 100 hour MA helpd supprot as did the low on February 14th. The transfer beneath turned the bias from extra bullish to bearish. Keep beneath every, retains the sellers extra in management.
Taking a broader take a look at the each day chart, the worth final week toyed with the 100 day MA at $56.80 right now (blue line in chart beneath). The value traded above and beneath that MA since Wednesday (together with right now). The autumn beneath – and run awway right now – shifted the bias again to the draw back.
PS. The 100 day MA is close to the 100 hour MA ($56.80 and $56.73). That will increase that space as a key threat defining stage going ahead. Keep beneath and the bears are in management.