Crude Oil continues its run higher. Technical resistance now in play on the rally.

<p>The price of crude oil has continued its run to the upside and is now up close to $2 or 2.85%. The low for the day reached $69.28. The high has now reached $72.90. THe current price is trading at $72.40. </p><p><a href="https://www.forexlive.com/news/oil-up-more-than-1-after-terrorist-attack-in-iran-and-20240103/" target="_blank" rel="follow">As Adam posted earlier</a>, there was a bomb attack in Iran along with a joint statement from OPEC+ vowing a commitment to unity which helped to shift the bias back higher. Also of note is Libya announced a partial shutdown of its Sharara oilfield on the back of protests. That momentum has continued to run higher. </p><p>Technically, the rise took the price back above the falling 100-hour MA at $72.42 (the price is trading above and below that level now). The 200-hour MA is above at $73.38 and represents the next key upside target. </p><p>Recall from yesterday, those two MAs were closer together, and on the rally to highs, sellers leaned against those levels which ultimately led to a sharp fall (see chart above). Those MAs were up near $73.40 yesterday. Both are lower today with the 100 hour MA moving down at a faster pace. </p><p>Going forward it would take a move above both MAs to kickstart more gains and increase the bullish bias. . </p><p>For now, however, the sellers are slowing the rally near/between the MA levels. On the downside, watch the 50% midpoint of the move up from the December 13 loa at $71.94 for close support. A move below that, and the buyers may start to lose more hope for further gains. Conversely, stay above, and the buyers are still in the game. </p>

This article was written by Greg Michalowski at www.forexlive.com.