Crude oil futures settled at $83.27, up $0.07 on the day, after buyers failed twice to hold above the key $83.87 retracement level. The session swung between a high of $84.35 and a low of $82.40, leaving sellers with the short-term advantage.
Crude oil settled at $83.27, up $0.07 or 0.08% on the day. The session swung between a high of $84.35 and a low of $82.40.
Crude traded above the 50% retracement of the decline from the July high, at $83.87, earlier in the session, but sellers pushed the price back down before the close. Today's high also fell short of Tuesday's high at $84.54, a combination that gave sellers the go-ahead to press the market lower.
A break below today's low near $82.40 would put the 38.2% retracement at $81.60 in traders' sights. A move under that level would shift attention to the 100-hour moving average at $80.52, then the 200-hour moving average at $79.64.
On the topside, buyers need to reclaim $83.87 and hold above it to regain control. They tried and failed both yesterday and today, and the rebound from today's low stalled right at that same level before rolling back over. For now, $83.87 remains the key technical barometer: stay below it and sellers keep the short-term advantage; reclaim and hold it, and buyers get another shot at the recent highs.
Source: Investinglive (snippet-based)
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