WTI crude oil futures settle at $39.31

Technical Analysis

Author: Greg Michalowski | wti-crude-oil

Crude oil falls $-1.80 or 4.3%

The price of WTI crude oil futures did not escape the fears from a 2nd wave of coronavirus and a subsequent decline in demand. The price fell on dollars and $0.80 or -0.43% to $39.31. The high for the day reached $41.27. The low price reached $38.66.

Crude oil falls $-1.80 or 4.3%_
Looking at the daily chart of the October contract, the price low today reached down to test its 100 day moving average at $38.63 (the price low was just $0.03 higher than that level). The high price at $41.27 was just one penny off of the 50 day moving average.

So the pair ping-ponged between onemoving average above, and one moving average below. It would take a move above, or below those moving averages to solicit a greater market reaction in the direction of the break.
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