Crude oil runs to a new session low
Crude oil futures have reversed sharply lower, trading back below the $72.00 level at $71.91, down $1.62 (-2.08%) on the day. Despite another round of heightened geopolitical tensions in the Middle East—including U.S. strikes on Iran and Iranian warnings that oil and gas infrastructure in Saudi Arabia, Kuwait, the UAE, Qatar, Jordan, and Bahrain could become legitimate military targets—the market has struggled to sustain its earlier gains.
From a technical perspective, price action tells the story. Crude began the day above its 200-day moving average at $74.10, but sellers quickly took control, pushing the market back below that key long-term barometer and into an important support zone between $71.56 and $72.50. The initial decline stalled near the top of that zone at $72.50 before a North American session rebound briefly lifted prices back above the 200-day moving average. That recovery quickly faded, however, with sellers re-emerging to drive the market to a fresh session low of $71.64.
The market is now trading within the critical $71.56-$72.50 swing area. A sustained break below $71.56 would shift the focus toward the 100-hour moving average at $70.94, followed by the 200-hour moving average at $70.12. A move below both would strengthen the bearish technical outlook and hand control firmly back to the sellers.
On the other hand, if buyers can defend the current support zone and reclaim $72.50, another test of the 200-day moving average at $74.10 becomes a realistic near-term objective. For now, however, the key battleground remains the $71.56-$72.50 support area. Whoever wins that battle is likely to dictate the next meaningful move in crude oil.
This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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