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Crude oil bounced off the 200 hour MA
US crude oil futures are settling at $78.59 and down -$0.47 or -0.59%. The high reached $79.15. The low reached $77.25.
Looking at the hourly chart, the price stalled near the 200 hour MA. A brief break could not be sustained, and the price rebounded. The rise moved above the 100 hour MA near the end of the day, but is closing below that MA level at $78.78. It will be a target to get above if the buyers are to take back more control.
This article was originally published by Forexlive.com. Read the original article here.