crude oil rebounds after CPI fall
The price of crude oil fell sharply after the release of the higher-than-expected CPI data in the US. The price move from about $90.65 all the way down to $89.05 at the low. Over the last 50 or so minutes, the price has shot back higher, retracing all the declines and moving up to a new intraday high of $90.94. That took the price above the earlier high for the day at $90.89.
Looking at the hourly chart, the move to the downside fell below its 200 hour moving average. Earlier in the day, that moving average held support. However, the break did not last low as the price shot back higher. The price is now back above its 100 hour moving average at $90.61. Watch that level for close intraday support.
crude oil retraces in trades back above its 100 H MA
