Crude oil futures are settling at $73.24. That is down -$0.33 or -0.45%.
The low price today reached $71.58. The high price extended to $74.41.
Technically, looking at the daily chart, the price today fell below its 50 day moving average and the broken 38.2% retracement near $72.60, and rotated to the low of the swing area near $71.44 before rotating back to the upside (the low price was at $71.58).
The price is also back above the 38.2% retracement but below the 50% midpoint of the range since the July high. Getting above the 50% midpoint at $74.89 and then the 100 day moving average at $76.01 and 200 day moving average at $77.39 would increase the bullish bias.
On the downside a move below $71.44 would increase the bearish bias.
This article was written by Greg Michalowski at www.forexlive.com.
