TECHNICAL ANALYSIS

Crude oil tests peak after roughly 100-hour moving average


Saudi production news and Texas arctic freeze help shake up contract

The crude oil futures price for April delivery saw its contract price initially drop at the start of the trading day to $ 59.57, then climb to a new high of $ 61.29, followed by a drop to lows and now back to test the highs of the day again.

Saudi production news and Texas arctic freeze help overturn contract_

Technically the most recent price decreases all prices move towards the increasing 100 hour moving average (blue line in the above chart) and find supportive buyers. The pair also remains above an uptrend line.

On new bullish momentum on a move above highs near $ 61.29, the contract will target the upper channel trendline which cuts to $ 62.49 (and moves higher).

Overall, until the 100-hour moving average can be broken lower (and stay broken), buyers remain firmly in control.

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