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- Techs on oil:
Techs on oil:
June light sweet crude holds at $99.46/barrel after trading in a $98.45 to $104.60 range. Last Friday, WTI bottomed at $94.63, which put the front contract down $20.20 or 21.3% from the 31-month high of $114.83 posted May 2. The front contract has closed below its 55-day moving average (at $105.39 currently) since last Thursday and needs to back above to resume gains. WTI briefly dipped below its 100-day (at $98.06 currently) last Friday and again Monday, but has held above that level since. A close below the 100-day would be viewed negatively.
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