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Crude oil settles near $78.95 as consolidation holds key technical levels
Crude stayed within a tight $78.58 to $80.87 range after Tuesday’s breakout, with support near $78.48 keeping buyers in control for now.
Crude oil futures settled at $78.95, down $0.65, or 0.8%, as trading remained contained while the market consolidated after breaking higher on Tuesday, Forexlive said. The session’s low was $78.58 and the high was $80.87, reflecting a narrowing trading range.
Forexlive reported that Tuesday’s move above the 38.2% retracement of the June 3 decline, near $78.48, was technically significant, and that the price has since rotated higher and lower three times while forming a tightening range. Each rally produced a slightly lower high, while each pullback found support at progressively higher levels near the same 38.2% retracement.
Today’s low held about 10 cents above $78.48, reinforcing that level as key support and keeping buyers in control, according to Forexlive. The outlet said that as long as crude remains above $78.48, the technical bias favors another push toward this week’s highs, with the 50% retracement at $82.01 flagged as the next major upside target.
On the downside, Forexlive said a move back below $78.48, followed by a break beneath the rising 100-hour moving average at $77.84, would shift momentum back to sellers. For now, the report emphasized that buyers have momentum but need to prove they can build on Tuesday’s breakout.
Latest closeWTI crude $95.27 ▲3.4%