The price of WTI crude oil futures is settling up $4.13 or 4.51% at $95.72. The high price reached $99.10. The low price extended to $94.43.
Looking at the hourly chart, the ups and downs after the gap higher saw the low price get close to its rising 100 hour moving average (blueline) at $94.09.However the price low stayed comfortably above that moving average level.
It would take a move back below the 100 hour moving average and the lower 200 hour moving average at $92.54 (and staying below those levels) to increase the bearish bias.
Admittedly, with the up-and-down volatility over the last few weeks, the price has been able to move below those moving average levels at times. However, momentum could not be sustained, and the price has each time moved back above. Holding above the 100 hour moving average today, keep the buyers more in control.
Leave a Reply