Crude oil extended higher in today's trade reaching the highest level dating back to October 11th. The 200 day moving average (green line in the chart above) comes in at $75.25. today stands at 75.26 $. Sellers continued against the moving average and have since pushed the price down.
today stands at 73.66 $. today stands at 74.25 $.
The inability to move above the 200 day moving average has given the sellers reason to sell. Buyers also lost confidence on the inability to get above the moving average.
On the hourly chart, the price has now fallen below the rising trend line near $73.92 and the 100-hour moving average at $73.76. These levels are key thresholds for sellers aiming to sustain a downtrend. Notably, this marks the first time the price has traded below the 100-hourly moving average since December 27th.
The next bearish target is $73.08, followed by the 38.2% level of the December rally at $72.64. Breaking below these levels will strengthen the bearish bias. If that happens, the rising 200-hour moving average at $72.25 (marked by the green line on the chart) would be the next major target.
