WTI crude oil futures (December delivery) settles at $38.56. Price is moving away from the 100/200 day MAs

Technical Analysis

Author: Greg Michalowski | crude-oil

Down $1.29 or -3.24%.

The price of WTI crude oil futures for December delivery settle at $38.56. That is down $-1.29 were -3.24%. The high for the day reached $39.74. The low extended to $38.28.

Looking at the daily chart of the December contract, the price is moving away from the near converged 100/200 day MAs at $40.96 and $40.46 respectively.  The low today also dipped below the 38.2% of the move down from the January high to the April low at $38.37 before rebounding back above the level into the close. 

With the price moving away from the MAs, the sellers are taking control. The price had traded above and below the moving average lines for a number of days. Moving away is a more bearish play by traders.   On the downside, moving below the $37.10 area would increase the bearish bias.

Down $1.29 or -3.24%._

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