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Crude oil tests broken 100 hour MA. Key test for bulls (and bears)

Stay above is more bullish. Move below is more bearish.

The price of crude oil traded to new session lows at $49.41. Getting below the $50 triggered sellers. The lows this week came in at $50.05 to $50.20.  

However, when that break lower failed, the sellers covered and the price moved higher.

That move higher was able to get above the 100 hour MA (blue line at $51.30) and move to a high of $52.20.  

The last hour or so has seen some selling and the price is back down re-testing the broken 100 hour MA. Key level folks for the buyers and the sellers.  Stay above and the traders will take the price back higher with the high from yesterday at $52.56 and then the 200 hour MA at $53.25 (and moving lower – green line) as the next targets.

ForexLive

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