Crude oil settles at $83.57

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Crude oil is settling at $83.57. That’s up $0.76 or 0.92%.

Technically, looking at the price action, like the USD, it too has been quite volatile. Yesterday, the price found support against its 100-hour moving average. Today, the moving average was broken on its way to a low near $82 (low was at $81.99).

The subsequent bounce, now has the price breaking above its 200-hour moving average. That moving average stalled the rise both yesterday (on two separate occasions) and also earlier today. The 200-hour moving average comes in at $83.25.

Going forward if the 200-hour moving average can hold support the buyers can push higher with the 50% of the move down from the high currently at $84.19.