Technical Analysis

WTi crude oil settles at $50.95

Up $0.20 on the day or 0.39%

The price of crude oil futures are settling the day at $50.95. That is up $0.20 on the day or 0.39%.

The high price reached $52.20

The low price fell to $50.24.

Looking at the hourly chart above, the price high did stall against its 200 hour moving average (green line in the chart above). That moving average is currently at $52.00 (the moving average was higher when it was tested earlier in the day.

The price settled right around its 100 hour moving average of $50.96.

The sellers against the 200 hour moving average today will increase that levels of importance going forward. It will take a move above the 200 hour moving average to tilt the bias more to the upside. Be aware.

The dip buyers in crude oil are not out of the woods until at 200 hour moving averages busted.

 Up $0.20 on the day or 0.39%

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