After rallying more than 25% from its intraday low on March 20th, WTI crude oil surged above its 50-day moving average (DMA) last week after the surprise production cut announcement from OPEC+.  From there the commodity traded sideways for a few days and then started to rally again Wednesday.  That jump put the 200-DMA into play, but on its first attempt, crude came up just short.

With WTI still below its 200-DMA, its current streak of closes below that level remains intact.  That extends what has been the longest streak of closes below that level since the record of more than 400 trading days back in April 2016. While this streak is nowhere near as long as that streak, it ranks as one of just eight streaks that have lasted as long or longer.  Not only that but if the current streak lasts another three weeks, it will move up to number five in terms of the longest streaks below the 200-DMA.

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