Up $0.95 or 1.39%
The price of WTI crude oil futures are settling at $69.30. That it is up $0.95 or 1.39%. THe high for the day reached $69.75. The low extended to $68.31.
Looking at the hourly chart above, the price action saw the price move back above its 50 day moving average but only briefly at $69.38. The downward sloping trendline (see green numbered circles) comes in at $70.05. If the price is going higher getting above the topside trendline and the natural resistance at the $70 level (and staying above) is required.
The 200 hour moving averages comes in at $68.85 (see green line in the chart above). The price did trade below that moving average line earlier in the day, but has found some support near that level as the day comes to a close. In the new day, moving below that moving average line would increase the bearish bias and should lead to further downside momentum.
For now, the price is settling in between the close support at the 200 hour moving average at $68.85, and close resistance near the $70 level.
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