Crude oil futures settle at $54.19. A sharp moved lower this week.

Technical Analysis

Author: Greg Michalowski | crude-oil-futures

Down $1.40 or -2.52%

The price of crude oil futures are settling at $54.19.  That is down $1.40 or -2.52%.  The low for the day reached $53.85, while the high extended to $55.95.

A week ago the price settle at $58.54. For the week, that is a $4.35 decline or a 7.4% decline for the week.

Technically, the price fell below both its 200 day moving average of $57.65 and its 100 day moving average of $57.23.  On the downside next target would be the October 31 low at $53.71. Below that and traders will be looking toward the June/August/October lows down between $50.60 and $51.00.

Down $1.40 or -2.52%

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