Crude oil futures settle at $51.00

Technical Analysis

Author: Greg Michalowski | crude-oil

Down -$1.61 or -3.06%

The price of crude oil settled at $51.00 today (on the screws). That was down -$1.61 or -3.06% on the day.

The high price today reached $52.81. The low fell to $50.74.  

 

Technically, the price fell back below the 100 and 200 hour MA at $52.33 and $52.11 respectively. The price low from last Thursday reached $50.08. The low from the prior week made it to $49.41. Those levels are targets on more weakness (stay below the 100 and 200 hour MAs).  

Sellers in control for now but $50 and below is a formidable challenge on more weakness.
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