I thought perhaps we were going to get a break and run.
The price of crude oil futures settle above its 200 day moving average on Friday and looked poised to make a run to the upside.
Admittedly, the price did move to the highest level since September 24 to a high price of $58.09. However, sellers entered and the price fell back down below that 200 day moving average. Another failure.
So traders still wait for something bigger with the 100 day MA below at $55.95 a level to get below if the move is lower. It may be easy to ignore the 200 day MA on the topside (why bother it has not be that great) but one day, there will be a break and run. The recent highs simply become the next targets (up to $58.09 now).