Crude oil futures settle at $82.22. What are the technicals telling traders.

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The price of crude oil settled at $82.22. That’s up $0.12 or 0.14%.

The high price extended all the way up to $85.64 soon after the Israeli strike on Iran. Low price was at $81.13.

The high price for the week reached $86.18. The low price was at $81.06. Last week’s closing level was at $85.66. So at current levels the price is down -3.99% on the week. The high price for April (and for 2024) reached $87.67 on April 12. That was the highest level going back to October 23, 2023.

Looking at the daily chart, the corrective moved to the downside this week was able to get back below the 50% midpoint of the range since the 2023 high price. That midpoint level comes in a $81.37 (see chart below). As mentioned the low price for the week was at $81.06 yesterday (and $81.13 today) below the midpoint, but momentum could not be sustained.

It would take a move below the 50% and staying below, to increase the bearish bias in the commodity and give sellers more confidence.

In a week that started with Iran bombing Isreal, and ending with Isreal bombing Iran, the price moving lower “is a result”. HOwever, that 50% midpoint will still remain as a key barometer for both buyers and sellers in the new trading week. Stay above it and the buyers are in play. Move below it and the selling is likely to increase in intensity.

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