Technical Analysis

Down $1.80 or -2.74%

US crude oil futures are settling at the end of the week at $65.06/BBL. That is down $1.80 or -2.74%.  Last week, the price closed near $65.56. So the price was down about -$0.50.  

The high today reached $67.09.

The low today reached $64.58.

The high for the week reached $67.16 on Thursday.

The low for the week was today’s low at $64.58.

The price is closing the week below its 100 day MA. Since June 4, the price of crude oil has traded close to the 100 day MA. The last 6 days have closed above the MA. Today, that string was broken.  

Next week, OPEC will meet to decide on production cuts.   Key event and perhaps why the price has settled near the 100 day MA. 

ON more bearishness, the 38.2% of the move up from June 2017 low comes in at $61.07.  The 200 day MA is at $60.34.

On a more bullish move next week, a move back above the 50 day MA at $68.05 will be eyed. The $72.83 is the swing high for 2018 and the highest level since November 2014.  

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