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

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.