Crude oil futures settle at $35.79

Technical Analysis

Author: Greg Michalowski | crude-oil

Down $0.38 or -1.05%

The price of crude oil futures settle at $35.79. That is down -$0.38 or -1.05%. The high price reached $36.60. The low price reached $35.21.

The price last week closed at $39.85. With the close this week at $35.79. That represents a -10.2% decline for the week. Driving the price lower his concerns about demand as a result of a global slowdown as well as increased supply concerns.

Technically this week, the price moved away from the 100 and 200 day moving averages (blue and green lines in the chart below) and fell below the 38.2% retracement at $37.06 but found support near the 50% retracement at $34.82. The low price this week reached $34.92.

Today the price traded within the range of yesterday and also between the 38.2% retracement above at $37.06 and the 50% retracement below it $34.82. Next week those levels will be the barometer is for both the buyers and sellers.

Down $0.38 or -1.05%_
For the month, the price settled at the end of September at $39.56. The decline for the month was 9.52%.
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