Crude oil is trading to new cycle highs and highest level since August 2

Technical Analysis

Author: Greg Michalowski | crude-oil

High price has reached $73.50 today

The price of WTI crude oil futures are trading at $73.37. That's up $1.14 or 1.58% on the day.  The move to the upside has taken the price above the earlier September high at $73.14 and is trading at the highest level since August 2. 

High price has reached $73.50 today_
The high price for the year was back on July 6 at $76.98. That barely took out the high price from October 2018 at $76.91.

Looking at the daily chart, the low price this week from Monday's trade stalled right near the 50 day moving average and just above its rising 100 day moving average. Those moving averages are near converged today at $69.43. Holding above those levels on Monday gave the buyers the go-ahead to push higher and the price has been higher over the last three trading days.

Overall the buyers are in control above the key daily moving averages. The high for the year at $76.98 is a potential upside target. Get above that level and it opens the door for further upside momentum
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