December 5, 2022

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WTI crude oil futures tests its 100 day moving average

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100 day moving average at $66.17

The price of WTI crude oil futures have moved to a new session low of $66.24. In the process the price has moved closer to its 100 day moving average currently at $66.17. 

The price has not traded below its 100 day moving average since November 2020. A break below that level would tilt the technical bias more to the downside.

100 day moving average at $66.17_
So far buyers are leaning against the level although the bounce is modest. The current price is trading around $66.40. Nevertheless, risk focus traders are leaning against the level and support is holding. A break below however could see more momentum selling.




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