Settles at lowest level since 2003
The front WTI Crude contract is settling at $31.41 down 5.3%. The close is below the trend line at $31.59. A lower trend line connecting lows from March 2015 comes in at $29.82.
The 50 day MA is way up at 40.79.
The 100 day MA is at 44.05.
The 200 day MA is at 51.02.
A move to each MA would imply some pretty good percentage gains.
- % gain to 50 day MA would be 29.8%
- % gain to 100 day MA would be 40.2%
- % gain to 200 day MA would be 62.4%
Watch the broken trend line now. That is the closest topside resistance level now. Move above and traders have something to lean against. Other than that, the lower trend line at 29.82 currently will be eyed.
