Key facts
- Crude oil prices fell to a low of $90.12.
- Prices found support near the 100-hour moving average at $90.10.
Crude oil prices fell to a low of $90.12 but found support near the 100-hour moving average at $90.10. A subsequent rebound lifted prices to $93.23, pushing them back above the 200-hour moving average at $92.48 and tilting the near-term bias towards buyers.
Crude oil prices experienced a notable intraday recovery, falling to a low of $90.12 before finding support just above the 100-hour moving average at $90.10. This technical support level bolstered buyer confidence, leading to a rebound that pushed prices to $93.23, an increase of $1.08 for the day. The recovery also saw crude oil prices move back above the 200-hour moving average at $92.48. This technical development suggests a shift in near-term sentiment, favoring bulls. The article outlines further upside targets, including the 38.2% retracement level at $93.74 and subsequent resistance zones near $94.71 and potentially $98.30.
The successful defense of key technical support levels and the reclaim of the 200-hour moving average suggest that crude oil prices may continue to rise, impacting energy costs for consumers and businesses and influencing broader inflation trends.