Of $0.28 or 0.66%

The price of the October crude oil contract is settling at $42.62. That is up $0.28 or 0.66%.

The high price today reached $42.89 while the low price extended to $42.23. The 50% retracement of the 2020 range for the October contract comes in at $42.00 day moving average currently comes in at $43.36. The price has not traded below its 200 day moving average since February 20.

crude oil

On the downside, the 50 day moving average is below the 50% retracement. That level comes in at $41.07. The price has not close below its 50 day moving average since mid-May.

At some point something has to give between the moving averages and 50% retracement level. Continue to look for a break with a momentum move. It's coming.