Crude oil rose in today’s trading and hit its highest level since October 11. However, the upward movement was met with resistance. The 200-day moving average (green line in the chart above) is $75.25. The highest price today reached $75.26. The sellers relied on the moving average and have since pushed the price down.

Current prices are trading at $73.66. Yesterday’s settlement price was $74.25.

The inability to move above the 200-day moving average gave sellers a reason to sell. Buyers also lost confidence in the impossibility of breaking above the moving average level.

On the hourly chart, the price has now fallen below the rising trend line near $73.92 and the 100-hour moving average at $73.76. These levels serve as key risk-defining thresholds for sellers looking to sustain the decline. Notably, this is the first time the price has traded below the 100-hour moving average since December 27.

The next downside target is $73.08, followed by a retracement level of the 38.2% December rally to $72.64. A break below these levels would further reinforce the bearish bias. If that happens, the rising 200-hour moving average at $72.25 (marked by the green line on the chart) would become the next key target.