The worth of crude oil final week, got here down to check a key goal at $79.00. For three straight days (W-F), the worth of the crude oil set lows inside $0.05 of that $79.00 goal and stalled the autumn. The worth rebounded into the shut on Friday and closed greater on the day.

Today, the momentum greater continued and the worth moved as much as take a look at the 200-hour MA (inexperienced line on the chart under) at $81.82. Just above that degree sits the 50% midpoint of the transfer down from the August 10 excessive. That degree is available in at $81.92 (see chart under). The excessive worth reached $81.75 – inside $0.07 of the 200-hour MA degree.

Subsequently, the worth has rotated decrease and within the course of, has now retraced all of the gains. The transfer decrease has additionally retested the 100-hour MA at $80.47 (blue line on the chart under). The low worth reached $80.44 slightly below that key MA degree.

So support right now has held close to the decrease 100-hour MA at $80.47. Resistance held close to the 200-hour MA and 50% retracement. The battle strains have been drawn with the MAs doing their jobs up to now.

Traders will look to commerce the vary and use the degrees to observe a break. Sellers are extra lately making the play. Get under the 100 hour MA and the sellers can push tougher.