Crude oil futures settle at $55.59

Technical Analysis

Author: Greg Michalowski | crude-oil

Down $1.15 or -2.03%

The price of crude oil futures are settling the day at $55.59. That is a down $1.15 or-2.03%. 

Since peaking at $58.82 and Tuesday, the price has tumbled -7.5% to the session low.

Down $1.15 or -2.03%
The low for the day reached $54.77.  The high extended to $56.27. The low today tested the swing low from November 20 at $54.76 (and bounced).  In trading yesterday the price fell below its 200 and 100 day moving averages at $57.70 and $57.24.  Ultimately if the price is to start move back to the upside, a break back above those moving average levels will be needed to turn the bias around.

On the downside the early November low at $53.71 would be a target on for the weakness.

Today the weekly Department of Energy inventory data showed a -405K drawdown of inventories. That was versus a expected build of +800K.  Last week there was a large draw up -2549K.

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