Crude oil settles at $71.92 after rising $1.58, or 2.25%, as futures extended a rebound from the sharp selloff earlier this week. Even so, the contract still closed below key moving average levels that traders are tracking.
Earlier this week, the drop pushed crude below its 200-day moving average. That level now stands at $73.77. The selloff also drove prices down to $69.04 before the market turned higher.
Crude Oil Settles at $71.92 Near Resistance
The recovery has brought the 100-hour moving average back into view. That average now sits at $72.93. Meanwhile, prices are within reach of both the 100-hour level and the 200-day moving average.
The source article said buyers are trying to regain control. However, they still need to clear those nearby levels first. A move back above both markers would shift attention to the 200-hour moving average at $75.05, which is still moving lower.
Key Moving Averages Remain in Focus
The source article said a break above the 100-hour and 200-day moving averages, followed by a rise through the 200-hour moving average, would mark a notable technical change. As a result, that sequence would tilt the bias back toward buyers.
If that breakout happens, the article said traders would then watch the $77.10 to $79.71 resistance zone. Notably, the top of that range marks the 38.2% retracement of the move from the June high to the June low.
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