Crude Oil Price Supported Near 100 SMA
After trading as high as $47.05, crude oil price faced resistance and moved down against the US Dollar. It cleared two support trend lines at $46.60 to trade towards $46.00.
The price was well supported by the $46.00 handle and currently back above a bearish trend line on the hourly chart and the 100 simple moving average.
The last two candles are positive and suggesting a bounce back in the near term towards $46.80-47.00. One may consider buying dips as long as the price is above $46.00 and 100 SMA. A close below $46.00 might take the price back towards $45.00.