The high price today reached $74.96. That high was within shouting distance of the falling 200-day moving average is $75.34 ($0.38). The price has not traded above the 200-day average since October 8 (the break above that MA failed on that day).
Going forward it would take a move above that 200 moving average and staying above to increase the bullish bias from a technical perspective. If done, the 50% midpoint of the 2024 trading range comes in at $76.44 and would be the next upside target.
On the downside, the 100-hour MA comes in at $72.59 (that is near the low from January 3) and is just below an upward-sloping trend line on the hourly chart. Below that the 38.2% of the move up from the December 20 low comes in at $72.46 (see yellow area on the chart below).
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about crude oil settles at 73 56 was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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