Technical Analysis

Crude oil back below the $80 (…well only briefly)


Crude oil

Read this Term futures have moved back into negative territory and below the $80 level as well. The move below the $80 level did find buyers at $79.91 and has since bounced back higher. The price trades back at $80.42.

Recall that on Wednesday, the price moved up to test its 100 day moving average. That moving average currently comes in at $82.44. It would take a move above that moving average to increase the bullish bias. Ahead of that level is the early January high at $81.50. The high price today reached just above that level at $81.54 while the high price yesterday was just below it at $81.49. Getting above that level and the 100 day moving average increases the bullish bias.

As I type, the price is now up to $80.52. So decent buying near the $80 (or so it seems).

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