Technical Analysis

Crude oil rises to 200 hour MA. Backs off against the technical trading level

The price of crude oil moved higher on the back of the Russian missile that landed in Poland killing 2 people.

The downside the broken 38.2% retracement of the range since the September 26 low cuts across at $86.98. It’s 100 hour moving averages just below that level at $86.92.

With the 200 hour moving average stalling the price above. That is now the resistance target at $88.65.

On the downside the combination of the 38.2% retracement at 100 hour moving average at $86.92 is now the support target

Crude oil trades between the 100 & 200 hour moving averages

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button