Crude oil bounces off its 200H MA for the 2ndconsecutive day
The price of crude oil has been trading up and down over the last few days. Looking at the high prices, the price has been able to stall nare the $76.50 area. There is a short term ceiling formed near that ceiling.
On the downside, the 200 hour MA (green line) currently at $74.45 stalled the fall today. Yesterday, the price also stalled near that moving average level increasing that moving average's importance going forward.
So with the ceiling above at the $76.50 area, and 200 hour moving average currently at $74.45 below, traders have the bookends to lean against until the price decides to break either to the upside to the downside.
On a break look for momentum in the direction of the break.
