Falls by $0.06 or -0.11%
The price of WTI crude oil futures are settling at $56.80. That's a decline of $0.06 or -0.11%.
- The high for the day reached $57.55.
- The low for the day extended to $56.54
Looking at the daily chart, the price has now traded above and below its 200 day moving average for the 7th consecutive day. That moving average comes in at $57.29 today (green line in the chart above). Over the last 7 trading days the price has also closed above its 100 day moving average on each of the days and only had one brief move below that moving average (on Friday's trade). The 100 day moving average currently comes in at $56.01.
Over the 7 days there has been to modest closes above the 200 day moving average. However momentum cannot take the price above the $58 level.
So buyers and sellers are continuing to battle between the 2 daily moving averages. At some point there will be a fundamental shift and the technical shift that will push the price either above the 200 day moving average (and stay above), or below the 100 day moving average (and stay below). Until then traders will continue to battle between the extremes, and get frustrated on failed breaks.