US crude oil futures settle at $56.74

Technical Analysis

Author: Greg Michalowski | crude-oil

Down -$1.64 or 2.81% on the day

The price of crude oil futures are settling at $56.74. That is down -$1.64 or 2.81% on the day.

The high for the day reached $58.38. The low reached $56.54.

Technically today, the price of crude oil fell below the 100 day MA at $57.25. The last time the price fell below the MA was in December. The price action to the downside could not be sustained. The time before in November had the same failed break.

Can the price stay below the MA on this break?

That is what traders will be eyeing going forward. 

Down -$1.64 or 2.81% on the day  

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