Crude Oil Price Clinging to 20-Day SMA
Crude oil prices fell as much as -2% early on Thursday, but the commodity has since snapped to trade back in positive territory. This leaves WTI crude oil, as measured by the front-month futures contract 
CL1!, hanging right around its 20-day simple moving average.
Oil price action still trades about -3.5% lower from last Friday's close, though I wouldn't be too concerned by the pullback - yet. After all, I think it is quite encouraging that oil bulls have defended the 20-day SMA so far. There is also the $70.00-price level that could serve as another barrier of support if selling pressure lingers.
The psychological 70.00-price level is roughly underpinned by the mid-June lows and bottom Bollinger Band. Breaching this area could bring prior-resistance-turned-support highlighted by the 66.25-price level into focus as another potential area of boyancy. That said, I wouldn't start to fret unless we see an invalidation of the ascending trendline.
CL1!, hanging right around its 20-day simple moving average. Oil price action still trades about -3.5% lower from last Friday's close, though I wouldn't be too concerned by the pullback - yet. After all, I think it is quite encouraging that oil bulls have defended the 20-day SMA so far. There is also the $70.00-price level that could serve as another barrier of support if selling pressure lingers.
The psychological 70.00-price level is roughly underpinned by the mid-June lows and bottom Bollinger Band. Breaching this area could bring prior-resistance-turned-support highlighted by the 66.25-price level into focus as another potential area of boyancy. That said, I wouldn't start to fret unless we see an invalidation of the ascending trendline.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.