The price of WTI crude oil is settling at $77.90. That is down -$1.78 or -2.23%. The high for the day reached $80.49. The low extended to $77.74.
Looking at the daily chart above, the price highs over the last 8 or so trading days have been skimming near the 100 day MA (blue line) at $81.88. The high price on Friday reached above that MA but could not reach the recent highs going back to November 18 (near $82.66). The high price on Friday reached $82.48. The January high has reached $82.66. The inability to extend and stay above the 100 day MA, nor the swing area from $81.48 to $82.66 (yellow area on the chart above), has kept the sellers in play (and more in control).
This article was originally published by Forexlive.com. Read the original article here.