Up $0.36 or +0.74%
The USD Crude oil futures are settling the day at $49.33 (June contract). That is up $0.36 or 0.74%. The high reached $49.76. The low for the day traded at $48.80.
For the week the high reached $50.22. the low reached $48.20.
Technically, the price moved below the the 200 day MA on Thursday but closed just above that MA level. Today with the MA at $48.97, the low reached $48.80 - below that MA level. However, the time spent below was not for long.
Is that more bullish? Is the bottom in place?
It could be. Let's say risk can be defined and limited against the level at the very least. So if the price stays above, maybe we get a move back toward the 50 day MA at $50.89 or the 100 day MA at $51.74. However, if there is a break below that MA line (and a close below), a move toward the key $47.22 area will be eyed. The lows from March are in that area and also the 50% of the move up from the November low comes in around that level.
