Up $zero.35 or zero.88%
The worth of WTI crude oil futures are settling the day at $40.27. That’s up $zero.35 or zero.88%. The excessive for the day reached $40.55. The low prolonged to $39.66.
The final 5 weeks has seen the worth shut at:
July three $40.65
July 10, $40.55
July 17, $40.59
July 24, $41.29
July 31,, $40.27
These usually are not huge strikes when you think about the autumn from the February excessive to the April low took the worth down 59.69% (from $54.59 to $21.99 or $32.06), nor the 89.eight% rise from the April low to the June excessive (from $21.99 to $41.74 or $19.75).
The month of July vary went from a excessive of $42.51 to $38.72 or solely $three.79. Ho-hum. ZZZZZZZZ.
Tendencies result in non-trends and July was a non-trend for the worth of oil.
Technically, the 50% retracement of the 2020 buying and selling vary for the September contract is available in at $41.71. The worth moved above that degree on a number of events over the previous few weeks however couldn’t maintain momentum above that degree.
If the worth breaks to the upsid getting above the 200 day shifting common the following key goal comes towards the 200 day shifting common of $44.07 (inexperienced line within the chart above).
Ought to momentum to the draw back proceed and the low for the month taken out at $38.72, merchants shall be trying towards the 100 day shifting common down at $34.60.
Simply as traits result in non-trends, non-trends result in traits. Search for August to point out a bit extra then $three.79 because the buying and selling vary.
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