Baker Hughes rig count due out at the top of the hour. Crude up 2.35%

Technical Analysis

Author: Greg Michalowski | baker-hughes

Crude oil is up 2.35%

The Baker Hughes rig count will be released at the top of the hour. 

Last week:
  • total rigs 907
  • Oil rigs 738
  • gas rates 169
The rise of crude oil is up sharply today.  Currently trades at $56.44, up $1.30 or 2.35%.  

Technically, on the surge higher today, the price moved back above the 100 hour MA (currently at $55.73), came back down and retested. The holding of that MA line was an invitation to go higher. 

We currently trade around the 200 hour MA at $56.38.  A close above that MA line would be more bullish as we head into the close. 

The 100 hour MA is now key support. Stay above is more bullish.