The ups and downs continue this week in crude oil with a rise today of $1.39 or 1.81% to a settlement price of $78.03. On Monday the price moved higher, and on Tuesday the price rotated back to the downside, and today after first moving lower, the price has snapped back higher.
Today, the low-price reached all the way way down to $75.52. The high price extended to $78.07.
The 100-day moving average is moving lower and at $77.82. Although the price has traded above the 100-day moving average over the last three trading days, the price has closed below the moving average on each of the days.
Also in play on the topside is the 38.2% retracement of the move down from the October 2023 high. That level comes in at $78.15. Although the price has traded above that technical level both this week and at the end of January, there has been no closes above that technical level either
So going forward, if the price of oil can get above the 100-day MA,and the 38.2% retracement between $77.82 and $78.15, that would increase the bullish bias from a technical perspective. Be aware. Absent that, and the buyers are not fully winning and in control
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