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Crude oil futures turn negative and test the 100 hour moving average/50% midpoint

December 22, 2023 by admin 0 Comments

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Crude oil falls back to the 50% midpoint

Crude oil has taken a dip lower and is now negative on a day. The current price trades at $73.54 after peaking at $74.95 an hour or so ago.

The run to the downside has now taken the price below its 100-hour movie average at $73.75. The price is also trading back below the 50% midpoint of the move down from the November 30 high to the December 13 low.

For the trading week, crude oil is still up 2.5% (around $1.78).

Maybe related/maybe not, US stocks are dipping toward lows. The major indices are still higher with the Nasdaq index up 0.21% and the S&P up 0.22%, but well off the highs.

This article was originally published by Forexlive.com. Read the original article here.