Down $.07 or -0.14%
The price of crude oil futures tried to get below the $50 level for the third day in a row, but fell short. Today’s low reached $50.30. The low yesterday reached $50.10. The low on Friday reached $50.15.
The price rebounded off the low and settled today at $51.56. The high price reached $52.38.
Looking at the hourly chart below, the price has made attempts to get above the 100 hour MA (blue line) since October 10th, but each of those attempts could not get above the 200 hour MA. As a result, sellers returned and pushed the price back below the 100 hour MA line.
If the price is to rebound – and put the buyers more in control – a move back above that 100 hour MA (at $52.69 currently) and 200 hour MA (at $54.52 currently) will be eyed for a shift in the bearish bias to more bullish.
Until then, the sellers remain in full control.