Key facts
- Crude oil prices fell to a low of $90.12.
- Prices found support near the 100-hour moving average at $90.10.
- A rebound lifted prices to $93.23, up $1.08 on the day.
- Crude oil prices moved back above the 200-hour moving average at $92.48.
- The next upside target is the 38.2% retracement at $93.74.
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.