Range Markets

The 21-day simple moving average (SMA) is approaching the 200-day SMA.

If it should move below it, this would create a Death Cross which may indicate bearish momentum is evolving.

Support could be at last Friday’s low of 87.01 or January’s low of 81.90. On the topside, resistance might be at the break point of 92.93, which is just above yesterday’s high.

CRUDE OIL PRICEChart created in TradingView

— Written by Daniel McCarthy, Strategist for DailyFX.com

To contact Daniel, use the comments section below or @DanMcCathyFX on Twitter

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