Crude oil futures are settling at $75.55. That is up $1.48 or 2.0%. The high price today reached $75.79. The low price was at $74.06. The price bottom this week at $72.48 on Tuesday. For the trading week the price is still down -1.9% or $-1.46, but well off the low of $-4.51.
Crude oil may close below the 200 week MA
Looking at the weekly chart, the price is still below its 200-week moving average at $75.97 (green line on the chart above). Looking at the weekly chart although there have been around 13 weeks when the price traded below its 200-week moving average since the beginning of 2023, there have been no closes below that MA level.
Will this week be the first close below the 200 week MA since January 2021.
This article was originally published by Forexlive.com. Read the original article here.