Crude Oil futures settled at $73.56, down $-0.40 or -0.54%.

The highest price today reached $74.96. That high was within striking distance of the declining 200-day moving average of $75.34 ($0.38). Price has not traded above the 200-day moving average since October 8 (a break above that MA failed that day).

The price did not close above its 200-day moving average from August 15.

Going forward, a move above that 200 moving average and staying above would be necessary to increase the bullish bias from a technical perspective. If it does, the 50% midpoint of the 2024 trading range is $76.44 and would be the next upside target.

The price is currently below the 38.2% range to 2024 at $73.81. It will have to break again to increase the bullish bias.

On the downside, the 100-hour MA comes in at $72.59 (close to the January 3 low) and sits just below the uptrend line on the hourly chart. Below that is a 38.2% move up from the December 20 low at $72.46 (see yellow area on chart below).