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Home ANALYSIS

WTI crude oil futures settle at $123.70

A.R Chowdhury by A.R Chowdhury
March 8, 2022
Reading Time: 1 min read
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WTI crude oil futures settle at $123.70

The price of WTI crude oil futures are settling the day at $123.70. That’s up $4.30 or 3.6% from the settle level of $119.40 yesterday.

The high price today reached $129.44. The low price extended to $117.07

Crude oil

Looking at the hourly chart, the high price today stalled ahead of the high price from yesterday at $130.50. The rotation to the downside did move briefly below a lower trendline, but then reestablished that trendline as support.

Currently that trendline cuts across near $121.75 (and moving higher). Move below would be more bearish at least in the short term with the 100 hour moving average at $116.21 (and moving higher) as the next key downside target. That is also between a swing area and the 38.2% retracement between $115.05 and $116.57.

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A.R Chowdhury

A.R Chowdhury

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