Technical Analysis

WTi crude oil settles at $77.90

Crude oil falls away from its 100 hour MA and swing area

Looking at the daily chart above, the price highs over the last 8 or so trading days have been skimming near the 100 day MA (blue line) at $81.88. The high price on Friday reached above that MA but could not reach the recent highs going back to November 18 (near $82.66). The high price on Friday reached $82.48. The January high has reached $82.66. The inability to extend and stay above the 100 day MA, nor the swing area from $81.48 to $82.66 (yellow area on the chart above), has kept the sellers in play (and more in control).

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