Crude oil futures settled at $83.53, up $1.30, or 1.58%. The session high reached $84.27, while the low extended to $80.65.
Today’s rebound carried the price back above its 100-hour moving average at $83.39 and briefly above its 200-hour moving average at $84.06. However, the price could not sustain the move above the higher moving average and rotated back between the two levels into the settlement.
That leaves buyers and sellers battling for control within a well-defined technical area. Holding above the 100-hour moving average keeps buyers in the game, but a sustained break above the 200-hour moving average would be needed to strengthen the bullish bias and give the rebound more momentum. Conversely, a move back below the 100-hour moving average would shift the short-term advantage toward sellers.
From a broader perspective, crude oil also remains between its 100-day moving average near $87 and its 200-day moving average at $77.80. Although that is a wide range, it reflects the competing fundamental forces influencing the market. War and geopolitical uncertainty are supporting prices, while concerns about global economic growth—and the potential impact on demand—are limiting the upside.
For now, crude oil remains caught between those broader boundaries, with the hourly moving averages providing the more immediate clues for the next directional move
This article was written by Greg Michalowski at investinglive.com.