Crude oil ends the year with Nasdaq like gains

Technical Analysis

Author: Greg Michalowski | crude-oil

Up 34.6% on the year

The price of crude oil futures are trading at $61.14 as the year comes to a close. That is up 34.6% from last December 31 close of $45.41.  That is near Nasdaq like gains (Nasdaq is up about 35%).

Up 34.6% on the year 
For the year the low for the year was on the 1st day of the trading year at $44.35. The high for the year was on April 23rd at $66.60. The most recent swing low reach $50.99 on October 3rd.  The high since that low was reached yesterday at $62.34.

2020 is supposed to start with a glut of supply. OPEC is trying to sop up the supply by restricting supply. We will see if that indeed is the case. 

If so, technically, the price has to get back below the $60 and work it's way back toward the 200 day MA at $57.81.  On the topside, a move above the September high at $63.38 would not be good news for the sellers.  

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