Crude oil price tests the July 30 high

Technical Analysis

Author: Greg Michalowski | crude-oil

July high at $74.23 being tested.

The price of crude oil is trading near it's high price for the day at $74.27 reached in the current hourly bar. The current price is trading at $74.11 up $0.81 or 1.11%.

July high at $74.23 being tested.

At the high the price ticked above the July 30 high price of $74.23. Other swing highs above come in at $75.52 that was the swing high from July 14. The high price for the year and the highest price going back to November 2014 comes in at $76.98.

The price is being supported by supply/demand imbalances. A negative for the price which Adam pointed out was that should Iran get back in line regarding there nuclear proliferation, that would open up more potential supply as sanctions are eased.
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