Crude oil futures are settling the day at $77.60. That’s up $1.71 or 2.25%. On Friday, the price of crude all rebounded 4.04%. However, for the trading week, the price was still down -1.46%.
The high for the day reached $78.46. That took the price above its 200-day moving average at $78.14 (see green line in the chart above), but momentum could not be sustained and the price has rotated back below that key-moving average level. Going forward it would take a move above the 200-day moving average – and staying above – to give the buyers more confidence. Absent that and the seller’s or more in control technically.
Crude oil could not sustain momentum above its 200 day MA