The price of crude oil is settling at $74.62. That is down $0.82 or -1.09% on the day.
Technically, the price fell below its 200-day moving average at $75.01 (green line) going back to January 8, the high price stalled against that level and then broke above it on January 10. The last two days have seen buyers lean against the MA level.
Getting back below the 200-day moving average tilts the technical bias more to the downside. IT will take a move above to disappoint the sellers now.
This article was written by Greg Michalowski at www.forexlive.com.
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