WTI crude oil futures settle at $52.28
Moves up $1.14 or 2.23%
The WTI crude oil futures are seminarian at $52.28 today. That is up $1.14 or 2.23%.
Although a decent gain on the day, it is well off the highs on the back of the tanker attack in the Gulf of Oman. The high price reached $53.45. The low was down at $50.92.
Looking at the hourly chart above , the contract was able to extend above it's 100 and 200 hour moving averages at the $53.01 and $52.90 levels (blue and green lines). Earlier in the week, the price stalled against the 200 hour MA.
The breaks today were short lived. The last run higher also stalled right at the 200 hour MA level (at the $52.90).
So sellers continue to attach to some control in the contract.
What is good for the dip buyers, is that the low yesterday stalled just ahead of the June 5 low at $50.60 (the low was at $50.72 - double bottom). The inability to fall below that level helped give buyers some encouragement and also sets the levels for support and resistance. Support at the $50.60-72 double botttom area). Resistance at the 100 and 200 hour MAs (blue and green lines).