WTI Crude oil futures settle at $57.77

Technical Analysis

Author: Greg Michalowski | crude-oil

Down $0.55 or -0.94%

The price of crude oil futures are settling the day at $57.77. That is down $0.55 or -0.94%.
Down $0.55 or -0.94%_

The high today reached $58.74. The low extended to $57.50. For the 2nd consecutive day, the price is closing above its 200 day moving average at $57.42. Moreover the price was able to stay above that level for the entire day (the low reached $57.50).  The buyers are keeping control despite the move lower today.  

Next week, traders will be watching that 200 day moving average for bias clues. Stay above would be more bullish. Move below and the bias tilt little more to the downside.

For the week, the price closed a week ago at $57.72. With the close at $57.77, the net change is a marginal $0.05.

The 50% retracement of the move down from the April high comes in at $58.60. The price did extend above that level today but could not be sustained. A move above that level next week would be more bullish.

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