Technical Analysis

WTI crude oil futures settle at $75.16

Down seven cents or -0.09%

The price of WTI crude oil futures are settling at $75.16. That’s down seven cents or -0.09%.

The high price reached $75.62. The low price extended to $74.41

Looking at the hourly chart below, the price has been fluctuating up and down trading today as the OPEC+ meetings continue without a solution. The low price did stall against the high from earlier this week at $74.42 (see red numbered circle one). Also near that low is the 38.2% retracement and swing high and swing low from yesterday’s trade near $74.58 (the red numbered circles two and three) . 

That area between $74.42 and $74.58 is support going forward. A move below would have traders looking toward the 50% retracement at $74.08 and then the rising 100 hour moving average at $73.87.

Much depends on OPEC+.  Right now the members are in a stall (and in a meeting).  If there is no agreement and no increase in production, that would be more bullish. Come to an agreement, and we should see a cracked below the aforementioned support levels. That is the expectations at least.
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