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
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.
