July 12, 2024 at 08:06PM
Crude oil futures are settling the day at $82.21. That is down $0.41 or -0.50%.
For the trading week, the price is down -1.21% after closing last week at $83.16.
The decline is the first after four consecutive weeks of gains which took the price up from a low during the week of June 3 at $72.48 to a high last week of $84.52.
The most recent high price from last week stalled against a downward-sloping trendline (see daily chart below). The low price this week reached $80.81. That was within $0.41 of its 100-day moving average at $80.40 (the current 100-day moving average is at $80.49).
Next week, the 100 day moving average will continue to be a key barometer on the downside. The topside trendline which currently comes in near $84.21 will be a key level that if broken along with the high price from last week at $84.52, would be more bullish.
This article was written by Greg Michalowski at www.forexlive.com.
