Crude oil tests 50% midpoint of move up from 2023 low | Forexlive

The price of crude oil fell sharply yesterday breaking below the $75.70 level. That level was the swing hi from Friday, March 31. The price capped over that weekend on the back of OPEC+ production cuts. The low was at $79 on April 3.

It took until April 19 to dip below the $79 level. In trading this week, the high price retested at $79 level reaching a high price of $79.18 before rotating to the downside. On Wednesday the price tested the 100 hour moving average on a corrective move higher and found willing sellers. Yesterday after initially testing the $75.70 level, the price broke below that level toward the end of the trading day.

That move to the downside reached $74.06 which got within $0.16 of the 50% midpoint level. More recently, the low reached $74.07. The current price trades at $74.27.

So seems to be some dip buying against the 50% midpoint level (with stops on a break below most likely).

Since peaking on April 12 at $83.53 (that was the high for the year), the price has moved down 11.35% from that high to today’s low.

For the trading year, the price on December 30 closed at $80.26. The price is down -7.71% from that closing level. That’s the good news. The not so good news is that, from the low price reached on March 20, the price is up 15%.

At the pump, the current average price for gasoline is $3.63. A year ago the average was $4.13. The price at the start of the year was lower however at $3.36.