Crude oil futures settle at $73.04, signaling a more bearish bias | Forexlive
Crude oil futures are settling at $73.04. That is down -$1.03 or -1.39%.
Crude oil is moving lower and away from its 200 day MA
The high price for the day reached $75. The low price extended to $72.66. The low price of from the month of November reached $72.22. Moving below that level is needed to increase the bearish bias.
Last week the high prices spiked up to $79.56. That took the price above the 50% of the 2023 trading range at $79.30. However, momentum quickly faded and the price rotated not only below the 50% retracement level, but also its 200-day moving average at $78.05. The subsequent move to the downside also broke below the 61.8% retracement of the 2023 trading range at $75.59. That level is now an upside target (and risk level) for sellers looking for more downside momentum.