Crude oil futures are settling higher on the day. The price is settling at $66.03. That is up $0.78 or 1.20%.
After banging against its 100-day moving average over the prior two days (blue line on the chart above) and failing to ignite any additional downside momentum, the sellers gave up, and the buyers have pushed the price higher.
Getting and staying below the 100-day moving average will remain a key barometer for both buyers and sellers going forward. Move below that moving average, and the swing area between $64.03 and $64.70 would be the next key target to get to and through.
Absent that, traders will look toward $66.96 (a swing level) and above that the 200-day moving average at $68.01
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This article was written by Greg Michalowski at investinglive.com.
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