Crude oil buying runs out of steam. The price moves back below its 100 hour moving average | investingLive

Crude oil stabilized but remained choppy around key technical levels, slipping $1.25 (1.77%) to $69.50. After buyers pushed prices higher on Monday and Tuesday to challenge the falling 100-hour moving average, the breakout failed to gain follow-through and reversed quickly. During the North American session, crude climbed back above the 100-hour moving average near $70.40 and reached a session high of $71.60, but the rally could not be sustained. The market then sold off sharply, falling below the 100-hour moving average now at $70.21 and dropping to a new session low. Technically, a failed break above the 100-hour level keeps sellers in control; bulls would need prices to reclaim and hold above it, with next upside targets at the 200-hour moving average ($72.29) and 200-day moving average ($73.88). Support sits at last Friday’s low of $68.56, with a breakdown pointing toward $67.28. The article also notes AAA’s gasoline national average at $3.84 per gallon versus $2.98 on Feb. 27.