Down -$1.79 or -2.81%
The price of crude oil tumbled lower in trading today, reaching its 200 day MA (green line in the chart below) in the process at $60.98. At that level, buyers leaned (profit takers and low risk buyers), and the price decline stalled (the low was actually at $60.95 – close enough). The price rose into the close and settled at $61.81.
Even still, the settle price of $61.81 is still down -$1.79 or-2.81.% The high price reached $63.68 (PS at the high, the contract stalled against another MA – the 100 hour MA. See earlier post). So… technical moving averages helped to define the range for the day.