Crude Oil Futures Settling In After Wild Week
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Crude Oil futures were trading lower by $0.50 at $45.25 in Friday's session. It has been a volatile week in the contract as it traded violently in a large range from $43.21 to $49.33. The high close for the week was posted on Monday at $49.20 and low close for the week thus far was on Tuesday at $45.41.
At this time, the contract is digesting the monster rally from its multi-year low that was made on August 24 at $37.75.
Technicians may be focusing on the midrange of the $11.58 rally to determine if the rally is for real or simply a dead cat bounce. That comes in at $43.54. Interestingly, it tested that level on Monday when it bottomed at $43.60 and then again on Wednesday when it bottomed at $43.21.
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