Crude Oil Price Clinging to 20-Day SMA
Crude oil prices fell as much as -2% early on Thursday, but the commodity has since snapped to trade back in positive territory. This leaves WTI crude oil, as measured by the front-month futures contract 
CL1!, hanging right around its 20-day simple moving average.
Oil price action still trades about -3.5% lower from last Friday's close, though I wouldn't be too concerned by the pullback - yet. After all, I think it is quite encouraging that oil bulls have defended the 20-day SMA so far. There is also the $70.00-price level that could serve as another barrier of support if selling pressure lingers.
The psychological 70.00-price level is roughly underpinned by the mid-June lows and bottom Bollinger Band. Breaching this area could bring prior-resistance-turned-support highlighted by the 66.25-price level into focus as another potential area of boyancy. That said, I wouldn't start to fret unless we see an invalidation of the ascending trendline.
CL1!, hanging right around its 20-day simple moving average. Oil price action still trades about -3.5% lower from last Friday's close, though I wouldn't be too concerned by the pullback - yet. After all, I think it is quite encouraging that oil bulls have defended the 20-day SMA so far. There is also the $70.00-price level that could serve as another barrier of support if selling pressure lingers.
The psychological 70.00-price level is roughly underpinned by the mid-June lows and bottom Bollinger Band. Breaching this area could bring prior-resistance-turned-support highlighted by the 66.25-price level into focus as another potential area of boyancy. That said, I wouldn't start to fret unless we see an invalidation of the ascending trendline.
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