The price of crude oil moved lower today the price settled at $74.80 I was down $1.88. Since then, the price has continued its downside momentum and currently trades at $74.40 cents down $-2.26.
The low for the day reached earlier today extended to $72.30. The low price on February 6 reached $72.25 the low price in January reached $72.46. So today's low was between January and February's lows (which are within 21 cents of each other).
Buyers leaned against that area and pushed the price back to the upside.
Time will tell, however, if that floor gets broken and traders looked toward the extreme from December which reached $70.08.
On the top side, recall from last week, the price action was more to the upside at the beginning of the week, and the price moved above the 100 day moving average and closed above that day on Monday. That was the first close above the 100 day moving average since November 4, 2022 when the price inched and closed above that moving average (again it was only for one trading day that the price closed above the 100 day moving average).
You would have to go back to July 2022 to have multiple day closes above the 100 day moving average. Ultimately, it would take a movable the 100 day moving average and staying above at $79.59 to give the buyers more confidence and control. Until then the traders may continue to lean against the $72.25 level, but the sellers would still have more control.
