The price of WTI crude oil futures are settling at $79.16. That's down $1.70 or -2.10%. The high price today reached $81.24. The low price reached $78.93. As mentioned in a prior post, the low price was able to start to dig into the gap from the OPEC+ weekend meeting where they cut production (on April 1). That gap extends from $75.70 up to $79.
Technically, looking at the hourly chart below, the price fell below the 200 hour moving average during Mondays trading, and retested that moving average line on Tuesday before rotating back to the downside.
Staying below the 200 hour moving average (greenline on the chart below) currently at $81.33, and the falling 100 hour moving average (blueline currently just above that 200 hour moving average level at $81.48) would keep the sellers more in control - at least in the short term.
Having said that, now that the bias has shifted modestly to the downside, filling the gap down to $75.70 is a another key target for sellers if they are to keep control in the short term.
