Crude oil futures are settling at $78.15. That is down -59% or -0.75%.
The high price today reached $79.49. A low price was at $77.52. The high price on Friday reached $80.85.
Looking at the daily chart below, the price settled right at the 38.2% retracement of the move down from the end of September high to the low price reached in December. The low price today extended below the 200-day moving average for the first time since February 27, but could not sustain momentum.
It will take a move below that 200-day moving average (green line on the chart below), and the lower 100-day moving average (blue line) currently at $76.64 to add to a more bearish bias from a technical perspective for crude oil. Absent that , and the buyers are still in the game and more in control.
Crude oil moved below 200 day MA