The price of crude oil has been trading up and down over the last few days. Looking at the high prices, the price has been able to stall nare the $76.50 area. There is a short term ceiling formed near that ceiling.
On the downside, the 200 hour MA (green line) currently at $74.45 stalled the fall today. Yesterday, the price also stalled near that moving average level increasing that moving average’s importance going forward.
So with the ceiling above at the $76.50 area, and 200 hour moving average currently at $74.45 below, traders have the bookends to lean against until the price decides to break either to the upside to the downside.
On a break look for momentum in the direction of the break.
This article was originally published by Forexlive.com. Read the original article here.