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Crude oil futures trade in a tight $77.84 to $81.25 range
Support near $77.84 and resistance at $81.25 have repeatedly flipped direction this week, leaving traders waiting for a sustained breakout.
Crude oil futures have been trading like a pinball, bouncing between two technical levels this week as buyers and sellers repeatedly defend the same price boundaries. The market’s range has been capped near $81.25 and supported around $77.84, according to Forexlive’s technical read-through.
The move started Monday when crude dipped close to its rising 100-hour moving average near $77.55, prompting a sharp rally. That advance broke above a downward-sloping trend line and surged to Tuesday’s high at $81.25, stopping just short of the 50% retracement level of the early June decline at $82.01.
After reversing from $81.25, crude fell back toward the underside of the broken trend line near $77.84, where buyers again stepped in. On Wednesday, sellers briefly pushed crude below the 38.2% retracement at $78.48 and under the rising 100-hour moving average, but the decline was rejected at the $77.84 bumper.
Forexlive says traders are now focused on whether crude can build enough momentum to move decisively beyond the $81.25 ceiling, which could target the $82.01 50% retracement. Conversely, if prices slip below the rising 100-hour moving average at about $79.17, attention could return to $77.84, with a break below that level raising the odds of accelerated selling toward the rising 200-hour moving average near $75.78.
Latest closeWTI crude $75.12 ▼0.9%