The price of WTI crude oil futures are settling at $94.29. That’s down $-3.97 or -4.04%
The high price for the day reached $98.52. The low price is at $92.93. At the low, the price did fall below the swing low from March 15 at $93.53, but the price did rebound back to the upside into the settlement.
Looking at the hourly chart, the price last week was able to extend above its 100 hour moving average, but short of its 200 hour moving average (green line in the chart below). Ultimately would take a move above both those moving averages to give the buyers some added confidence. On the downside a move below $93.53 would have traders looking toward the swing low from February 25 at $90.06.
An added bias shift to the sellers was the break below the 50% midpoint of the move up from the December 2 low at the $96.47 level. Stay below it and the sellers are more in control in the short/intermediate term.
