Crude oil prices came under pressure earlier in the day, falling to a low of $90.12. That decline found willing buyers just above the 100-hour moving average at $90.10, a key technical support level. Holding that support gave buyers the confidence to step back in, and the rebound has since lifted prices to $93.23, up $1.08 on the day.
The recovery has also pushed crude back above its 200-hour moving average at $92.48, tilting the near-term bias back in favor of the bulls. The next key upside target comes at the 38.2% retracement of the decline from the April high at $93.74. A break above that level would have traders focusing on the May 26 and June 1 highs near $94.71. If momentum continues beyond that resistance zone, attention would shift toward the 50% midpoint of the broader move lower at $98.30.
For now, buyers have regained control by defending the 100-hour moving average and reclaiming the 200-hour moving average. As long as the price remains above those key technical levels, the path of least resistance is higher, keeping pressure on sellers and giving buyers a platform to extend the recovery.
