The price of crude oil futures is settling the day at $66.98. That’s down $1.47 or -2.15%.
The price last week traded above and below its 200 day moving average on four of the five trading days, but it was only until Friday that the price closed above that moving average.
In trading today, the price extended to a new high going back to June 24 reaching a peak of $69.61. But momentum reversed and after falling back below the 200-day moving average at $68.33, selling intensified with the price moving down to a low of $66.87 near the end of day.
Looking at the hourly chart above, the price has also fallen below its 100-hour moving average at $67.97, and its 200-hour moving average at $67.37 respectively. Those are also bearish developments.
So, cracking below the 200-day moving average, the 100 hour moving average, and the 200-hour moving average, gives the sellers some needed control, and puts the buyers on the back foot once again.
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