Crude oil closes the week with solid gains

Technical Analysis

Author: Greg Michalowski | crude-oil

WTI crude oil settles at $66.09

The price of WTI crude oil futures closed the week at $66.09.  That is up $2.26 for 3.54%. The high for the day reach $66.40. The low for the day reached $63.82.

WTI crude oil settles at $66.09
Looking at the daily charts, the high price extended above the high from January 2020 (on a continuous active contract chart) at $65.65, but stalled just ahead of the 2019 high price at $66.60.. Getting above the 2019 high is needed to solicit more buying. Having said that there is good reason for traders to lean against the level as risk can be defined and limited.

For the trading week, the price closed at $62.50 last Friday. The low for the week reach $59.43 on Tuesday, and was pushed sharply higher on Thursday after Saudi Arabia agreed to maintain their production cuts until the end of April. The momentum to the upside was continued today to the cycle high of $66.40. The gain for the week was 5.77%.
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose