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Up $0.07 or 0.10%.
The price of crude oil is settling at $69.87. That is up just $0.07 or 0.10%.
The high price reached $71.40. The low extended to $69.36.
The price is trading lower now at $69.44. Technically, the price is still trading above the 100 day MA at $69.80. That MA was broken last week and today’s high took the price to the highest level since July 13th. However, momentum could not be sustained, and the price rotated back down.
If the 100 day MA is broken to the downside, that would hurt the technical picture for the pair and potentially send the price back toward the 200 day MA (at $65.13 currently – green line) In August, the low stalled at that MA level and bounced.
For now though, look for more weakness to find support buyers against the 100 day MA, with stops on a break below.
