WTI settles up $0.55 or 0.95%
The price of WTI crude oil futures settles at $58.64. That is up five cents or 0.95% on the day.
The high price for the day reach $59.39. While the low extended to $57.37.
Looking at the hourly chart, the price has been able to stay below it's falling 100 hour moving average. That currently comes in at the $58.84. The 50% retracement of the move up from the September 12 low, comes in at $58.69. The settle price is just below that level.
At the Lowes today the price did extend below its 200 hour moving average at $58.20 (green line) and the 61.8% retracement of the move up from the same September 12 low at $57.58. However momentum could not be maintained, and the move back to the upside began.
Going forward, the 100 hour moving average will be the key barometer for both bulls and bears (at $58.84). If the price can move back above, the bearish run could be over, and there should be more upside buying.
If, however, the price can not get above, sellers remain more in control. A break below the 200 hour moving average should be more bearish (green line).
