Up $ 0.35 or 0.88%
The price of the WTI crude oil futures contracts is $ 40.27. This represents an increase of $ 0.35 or 0.88%. The high for the day hit $ 40.55. The low extended to $ 39.66.
The last 5 weeks have seen the price close at:
- July 3 $ 40.65
- July 10, $ 40.55
- July 17, $ 40.59
- July 24, $ 41.29
- July 31, $ 40.27
These aren’t big moves when you consider that the fall from the February high to the April low took the price down 59.69% (from $ 54.59 to $ 21.99 or 32, $ 06), nor the 89.8% rise from the April low to the June high (from $ 21.99 to $ 41.74 or $ 19.75).
The range for July has gone from a high of $ 42.51 to $ 38.72 or just $ 3.79. Ho-hum. ZZZZZZZZ.
Trends lead to non-trends and July was a non-trend for the price of oil.
Technically, the 50% retracement of the 2020 trading range for the September contract stands at $ 41.71. The price has broken above this level a few times over the past few weeks, but has been unable to maintain momentum above this level.
If the price falls higher, passing above the 200-day moving average, the next key target comes against the 200-day moving average of $ 44.07 (green line in the chart above).
If the downward momentum continues and the month’s low came out at $ 38.72, traders will look to the 100-day moving average at $ 34.60.
Just as trends lead to non-trends, non-trends lead to trends. Look for August to show just over $ 3.79 as a trading range.