Skip to content
WTI crude oil tries to stay above its 200-day moving average

The failure of the push below the 200-day moving average was the first since November 2020, but didn’t last long.

The price of WTI crude oil futures fell sharply on Friday and in the process fell below its 200-day moving average for the first time since November 2020. The day the moving average stands at 69, $ 99 and although the price traded below this level earlier in the session. , it has since rebounded above to hit a daily high of $ 72.90.

The price broke out of this high level but remains above its 200-day moving average. That said, the price still remains below its 100-day upper moving average at $ 74.26. This gives the pair a neutral position.

Of course, the markets are also on high alert.

OPEC meets on Thursday. Will they respond to the threat of the Omicron virus? Will they move towards the elimination of the increases in production that have occurred at 400,000 BPD? Adam published an article about OPEC’s inability to meet its production quotas, regardless of Omicron decisions?

This is all at stake.

Technically, the 100 and 200 day MAs will help tell the story being told. Exceeding the 100-day MA would be more bullish. Go below the 200-day moving average and the bias is more bearish. Stay in between, and buyers and sellers are fighting.

Invest in yourself. See our forex education center.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.