WTI crude oil futures moved toward its 200 day MA
The price of WTI crude oil is settling at $83.26. That’s up $1.73 or 2.12%. The close is the highest close since we were 16th 2022. The price moved above the 2023 high at $82.66 going back to January 18 and the December 1 high 2022 of $83.34. My price today reached a $83.53. The low price was at $81.28.
The next major target comes against the falling 200 day moving average. That moving average level currently comes in at $83.81. With the high price today of $83.53 today, the price got within $0.28 of that key moving average target level. The crude oil price has not traded above its 200 day moving average since August 30, 2022. Key level for both buyers and sellers going forward. Move above would be more bullish. Find sellers against the level, and move below $82.66 and there could be more downside probing.