As chatter for a retaliatory strike by Iran on Israel get louder, the price of crude oil is stepping higher. The current price is trading at $79.13 up $2.29 or 2.98%. That is the highest level since July 19.
Technically, earlier today, the price moved about its 200-day moving average (green line on the chart above,) and is set to close above that moving average for the first time since July 18. Also near that level is the 38.2% retracement of the range since the September 2023 high. That increases the levels importance going forward. Staying above keeps the buyers in firm control with work to do.
The “work to do” on the top side, comes in at the natural resistance at $80 followed by the 100-day moving average at $80.16 (blue line on the chart above).
This article was written by Greg Michalowski at www.forexlive.com.
Source link
