Crude oil settles at $76.66 ...Middle East

The price of crude oil is settling at $76.66, down -$1.60 or -2.04%.The high for the day reached $78.77. The low reached $76.45. Looking at the hourly chart below, the run higher yesterday moved higher and above the 200-hour MA and a downward sloping trend line. That break, however, was short-lived, and the subsequent rally found willing sellers against the topside trend line (see red numbered circle 3) before moving lower today. That gave sellers the go-ahead to push to the downside.That move down has taken the price below the 100-hour MA at $77.40- tilting the short-term bias back to the downside. Going forward, the 100-hour MA and the 200 hour MA and trend line will remain as resistance

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