Crude oil is settling above its 100 day moving average
The price of WTI crude oil futures is settling at $74.83. The close settled up $1.84 or 2.52%. The high price today reached $74.93. The low price was at $72.98.
The close today to the price above the 100-day moving average at $73.74. It’s the 1st close above that moving average level since April 28 (that break above the 100-day moving average lasted for one day).
The next target comes against the June 5 high at $75.06. Above that and traders will start to target the 200-day moving average at $77.38.
Back on April 12 and April 13, the price tested the 200-day moving average only to find willing sellers against the key moving average level. Ultimately, if the buyers are to take more control getting above the 200-day moving average – and staying above – would be required.