Moves away from 200 day MA today
Crude oil has extended to a new session high at $45.71. The high price extended above yesterday's high of $45.62. The contract is trading at the highest level of the year and at the highest level since December 4th. The June contract closed 2015 at $40.71.
Yesterday, the close was above the 200 day MA which is currently at $44.17. The close above the key MA was the 1st since September 29, 2014. So that represents a significant the bullish hurdle. Staying above that level will now be eyed by traders (risk defining level).
