Crude oil technical analysis

Source: Dukascopy Bank SA
A period of extreme volatility that has now settled into a phase of indecision. After a dramatic price spike to 77.11 and a subsequent sharp reversal, the price attempted another rally but failed to make a new high and is now pulling back towards a critical support zone.



Currently, the price is caught between its short-term 24-day moving average and the longer-term 100-day moving average. This state of equilibrium is reinforced by the RSI indicator, which is hovering around its 50 midline, reflecting the market's uncertainty. The market's next move will likely be determined by its reaction to the key support confluence around the 64.00-65.00 area, where the 100-day moving average lies.
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