Crude oil is running away from its 200 day moving average
The price of WTI crude futures is up for the 4th consecutive day and the 5th day in the last 6 trading days. The price is currently up $1 or 1.3% at $79.76.
Yesterday, the price closed above its 200-day moving average for the 1st time in over a year. The 200-day moving average is at $77.11. The price is trading at its highest level since April 19.
Looking at the daily chart, the next major target area comes between $82.48 and $83.44. That area is home to swing highs going all the way back to November 18, 2022 (see red numbered circles). A closer target would be the natural resistance near the $80 level.
For a video look at the long term technical, click on the video below.
