US crude oil settles at $58.23

Technical Analysis

Author: Greg Michalowski | crude-oil

Up $0.15 or 0.26%

The price of crude oil futures are settling at $58.23. That is up $0.15 or 0.26%.

The high for the day reached $58.72. The low for the day extended to $57.72.  The low today was the lowest level since December 4. 

Up $0.15 or 0.26%_
The price also dipped below its 200 day moving average at $57.85 (see green line in the chart above), but could not sustain downside momentum. Nevertheless, that dip was the 1st move below that moving average since the same December 4.  

It would take a move -and close - below the 200 day moving average to tilt the bias even more to the downside. The next target on further weakness would be at the 100 day moving average (blue line) currently at $57.09

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