Down -$0.52 or -1.01%
The price of crude oil futures are selling the week at $50.93. That is down $.52 or -1.01%.
The high today reached $51.79
The low extended to $49.65.
Last week the price closes at $50.42. The low this week reached $49.41 during yesterday’s trade. The was reached on Wednesday $52.56.
Technically, the 100 hour MA is currently at $51.31 (blue line in the chart below). The price moved above the 100 hour moving average yesterday and again today, only to fail We are trading below now.
The 200 hour MA is at $52.64. The price has NOT been above the 200 hour moving average since October 10. The trend has been down, down and down some more.
If the price is to rebound in crude oil, traders will have to see the price move above the 100 hour moving out and stay above that level, and also a move above its 200 hour moving average.