New trend move highs today, but the break fails
The close in the crude oil futures contract is settling at unchanged on the day at $71.49.
The high price extended to another new trend high at $72.30, but the momentum could not be sustained and the price came back down. The low for the day reached to $71.09.
The contract has closed above the $70 level for the last 7 trading days and above the $71 for the last 3 days. If the price is start to correct lower, moving back below the levels would be eyed (especially the $70 level).
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