Crude oil stands at $83.57. This represents an increase of $0.76 or 0.92%.
Technically, looking at the price action on the hourly price below, like the US dollar, it has also been quite volatile up and down. Yesterday, the price found support against its 100 hour moving average (blue line). Today, the moving average was broken and headed towards a low near $82 (low was $81.99).
The ensuing rebound now has the price surpassing its 200 hourly moving average. This moving average stopped rising yesterday (twice) and earlier today. The 200 hour moving average stands at $83.25.
Looking ahead, if the 200 hour moving average can hold support, buyers can push higher with a 50% decline from the current high at $84.19.
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