December 9, 2022

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Crude oil recovers off of low, but remains below its 100 day moving average

1 min read

Low today tested the

Low today tested the_
The price of WTI crude oil futures is trading down $1.54 or -2.27% at $66.43. The low for the day reached $65.17. That was just above the July 20 low at $65.11. Buyers leaned against the July low and have pushed price back to the upside.

The move higher still remains below its rising 100 day moving average currently at $67.23. Back in July, the price did move below that 100 day moving average on two separate occasions, but could not close below the level. A close below the moving average today would increase the bearish bias from a technical perspective.

Should the July low be broken, traders would look toward the swing low from May at $61.58 followed by the 38.2% retracement at $60.72 and the rising 200 hour moving average of $59.38. 

Sellers are making the play today on the break of the 100 day moving average. Can they keep control going forward below that key moving average? That is what longer term traders will be focused on
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