US crude oil futures settle at $57.91

Technical Analysis

Author: Greg Michalowski | crude-oil-futures

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.

Down $3.51 or 5.71%
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
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