The price of WTi crude oil is settling at $79.06. That is down -$1.08 or -1.35% on the day.
The high for the day reached $79.61. The low extended to $77.46.
Looking at the daily chart, the price had moved up 5 of the last 6 trading days before today. That took the price up from $72.25 to a high yesterday at $80.62. The low to high gain over 6 trading days was 11.58%. So a down day was in the cards a bit.
Yesterday, the price did get close to the 100 day MA at $81.01 (within $0.39). The price TODAY is settling near the broken 38.2% of the move down from the November high at $79.15. That level will be a barometer for buyers and sellers going forward. Above is more bullish. MOve below is more bearish.
The price of crude oil traded above the 100 day MA in January but could not sustain momentum above the level. The pair last closed above that MA back on November 4. A close above would be needed to increase the bullish bias. If done the 50% of the move down from the November high would be targeted at $81.93. Above that, a swing high at $82.66.
