50% of the last leg lower
Crude oil is higher today and in the process has increased some of bearish technicals in the short term at least. Looking at the hourly chart below, the price has moved above channel trendline resistance in trading today. It also extended above the 100 hour moving average(blue line in the chart below) at $28.275.
A key level to get and stay above would be the 200 hour moving average (green line in the chart below) and the 50% retracement of the same move down from the Feb 4th high.
