US crude oil futures settle at $57.91
Down $3.51 or 5.71%Crude oil prices tumbled in trading today on the back of concerns over prolonged US – China trade war. Data from Japan, European Union and Germany showed weakness and energy-related industries. Finally US Secretary of State Pompeo said that the U.S. stands ready to negotiate with Iran when they are ready.
Technically, the price fell below its 200 day MA at $60.44 today. Today was the 1st close below that moving average since April 1. In May there has been a number of tests of that moving average, but no closes below.
The fall has taken the price down to its 100 day moving average at $57.88. The settled price today is just above that MA.
Going forward, the 100 day MA becomes the next barometer for bulls and bears. Stay above and it could be a retest of the 200 day moving average. Move below the 100 day MA, and a move toward the 50% retracement of the move up from the December 2018 low to the April 2019 high would be targeted at $54.56