Staying above the $47.00 will be more bullish
the price of crude oil is closing the day at $47.12, up $0.72 or 1.55%. The close is just above the 38.2% of the move down from the Jan 2017 high at the $47.09 level. Staying above will be more supportive/bullish. The 100 day MA comes in at $48.33. The 200 day MA comes in at $49.49 (see earlier post here).
The high today reached $47.26.
The low bottomed at $46.14.
Today, the DOE inventory data showed a larger than expected draw down of -4727K vs -3500K estimate.
