200 hour MA capping the topside

Crude oil is up marginally today (up 0.45% to $46.97) and traded as high as $47.30, but has been able to remain below the 200 hour MA currently at $47.34. The testing and holding keeps the sellers more in control from that perspective.

Looking at the daily chart (see chart below), the contract is sitting near/right on the 100 day MA which currently comes in at $47.03. Yesterday, the price of the contract closed below that MA, but not by much. Today, the price has moved even closer to the level.

I thought today would tell more of a story for oil, but the action is like the rest of the market - quiet. But going forward these levels will continue to dictate bullish or bearish bias. With the price below the 200 hour MA and the 100 day MA, the sellers remain more in charge, but that bias can turn around with not too much of a move. So be aware....

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