Down -$0.54 or 1.02%
The front crude oil futures contract is settling at $52.63 /barrel. That is down $-0.54 or -1.02%.
The price remains confined to a narrow trading range with the high at $55.24 and the low at $49.67 (since the beginning of December). The $52.63 settle price is near the middle of that trading range. Technically, the price is settling below the 100 and 200 hour MAs at $53.18 and $52.69 respectively. That gives the bias a small bearish bias. If - going forward - the bias is to turn around (or start to turn around), a move back above those MA levels will now be eyed. That would be the start. The highs from last week at $54.08 will also be eyed as a key upside target.
In the meantime (and until then), the sellers are more in control.
On the downside, there is a solid trend line at the $51.39 level currently (and moving higher - see chart above). That would be the next key target to get to and through if there is to be a further erosion of crude oil price.
Until then, the bias is more negative BUT we remained confined in and narrow range that is getting more and more confined as each day passes.
