Home›Commodities›Energy›Crude oil slips back after failing to hold above the 1…

Crude oil slips back after failing to hold above the 100-day MA

Crude oil futures reached $86.79, the highest since August 21, before momentum faded near the $86.73 100-day moving average.

Reported · Written up by our desk · Energy

Crude oil futures rose on the day to trade around $85.41, up about $2 on the session, but price action failed to sustain gains near a key technical level. Forexlive said the contract climbed to a high of $86.79, its best level since August 21, testing the 100-day moving average at $86.73. Buyers briefly pushed above that moving average, but momentum faded and price rotated back down.

With sellers regaining control near the highs and the 100-day moving average, Forexlive highlighted downside levels to watch: a break below the 100-hour moving average could bring $82.82 into focus, followed by the upward-sloping trendline near $80 and the 200-day moving average around $78.09. On the upside, the outlet said crude would need to reclaim and hold above the 100-day moving average to keep buyers in control and open the door to further gains.

Latest closeWTI crude $97.01 ▲4.3%

More like this

Sources