Crude oil bouncing after testing 100 day moving average | Forexlive

The price of WTI crude oil futures dipped to a new post OPEC+ production cut low reaching $76.72. That took the price briefly below its 100 day moving average at $76.85, but momentum cannot be sustained in the price has since rebounded higher. We are currently trading to new session highs at $78.23. That’s up about $0.85 on the day.

On the topside, the gap from the OPEC+ production cut meeting over the weekend of April 1, came between $75.70 and $79.00. The $79.00 level is also near the 50% of the move down from the November 2022 high to the low from March 2023 at $79.05. That area is now topside resistance target now that the 100 day MA support did a good job of holding support.