Crude oil futures are settled the day at $106.13. That is up $0.42 or 0.4%.
The high price reached $107.37. The low price was at $102.66.
Looking at the daily chart, there has been a lot of up and down price action of the last few months. The high price on March 24 reached $116.64. The low price from April 11 moved to $92.93. In May, the range is more narrow with the high at $111.37 and the low at $98.20.
The low price reached yesterday stalled right near a upward sloping trendline connecting swing lows from April. Holding support gave the buyers a reason to push the price higher from a technical perspective.
The higher downward sloping trendline cuts across at $110.37 currently.
Move above or below the triangle trend lines should lead to further momentum in the direction of the break.
