WTI crude oil futures settle at $77.29, declining by $1.87 or 2.36%. Throughout the day, prices fluctuated between a low of $76.97 and a high of $79.07. Examining the daily chart, the low price narrowly missed its 100-day moving average (MA) by $0.14, settling at $76.83 (refer to the blue line in the chart). Buyers capitalized on this opportunity, leaning against the level.
It is important to note that last week's high price stopped just shy of its higher 200-day MA (green line in the chart). Sellers took advantage of this test. Additionally, a gap exists between the March 31 high and the April 3 low, ranging from $75.70 to $79. This gap emerged after OPEC+ announced production cuts during that weekend, taking the markets by surprise.
Should the price drop below the 100-day MA, traders will likely shift their focus to targeting the gap.
