Technical Analysis

Crude oil retraces the gains for the day

Crude oil failed above its 100 hour moving average

The price of WTI crude oil is back down toward the $78 level after running up to $79.88 earlier today. The move higher did take the price above its 100 hour moving average currently at $79.19.

However, momentum could not be sustained, and after breaking back below the moving average level, buyers turned to sellers. On November 22 and November 23, the price also moved above the 100 hour moving average only to rotate back to the downside shortly thereafter.

Sellers remain in control.

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