Rise of $1.24

The price of the most active crude oil contract is settling the day up $0.59 or 1.24% to $48.07

The low today reached $47.00 and bounced. The high stalled at $48.27.

Looking at the daily chart below, the price last week stalled against the 200 day MA and the topside trend line. That area (up to the 200 day MA at $49.52 is key upside resistance.

On the downside, the $47.00 level was a swing low level in March. However, it has not really been a key level until today's bounce. So watch that level on the downside going forward. A move below would be more negative.

Below that level, and traders will be looking toward the lower trend line at around $46.07 level.