Crude oil futures are settling at $76.05 – its lowest shut since March 3. The futures settled down $4.70 or -5.82%. Technically, the settled worth is now inside $1.57 of it 200 day transferring common the worth will not be traded under that degree since February 17 when the transferring common was close to $62.10.
On the highest facet, the shut danger consists of the swing space between $77.10 and $78.97. Simply above that may be a 61.8% retracement of the transfer up from the tip of December low to the excessive worth reached in March. That degree is available in at $79.62. Keep under that space is one of the best case state of affairs for the sellers in search of extra draw back.
If the 200 day transferring common under is damaged at $73.48, merchants will probably be trying towards the February 27 closing degree of $67.04. The Iran/US battle began on February 28.
