WTI crude oil futures are settling at $41.27

Technical Analysis

Author: Greg Michalowski | crude-oil

That is down $0.68 or -1.62%

the price of WTI crude oil futures are settling at $41.27. That's down $0.73 or -1.74% on the day.

The high price today reached $42.22. The low price extended to $41.06.

The last 6 weeks has seen the crude oil price settle between $40.27 and $41.29. 

Week ending Fri 3 July: $40.65 
Week ending Fri 10 July: $40.55
Week ending Fri 17 July: $40.59
Week ending Fri 24 July: $41.29
Week ending Fri 31 July: $40.27
Week ending Friday 7 August: $41.27

The hope on Wednesday was that the price of crude oil was breaking out to the upside. The high price extended to $43.52. That was the highest level since March 6. The high price also got closer to its 200 day moving average (green line in the chart below at $43.81) and moved away from its 50% retracement of the 2020 range for the September contract at $41.71.

However sellers pushed the price back below that 50% retracement level, and we are settling today back below it. 

In trading next week the story remains the same 
  • Get and stay above the 50% retracement and 
  • The 200 day moving average, 
and the buyers/bulls will be in more control.  Stay below the 50% retracement and the 50 day moving average at $39.89 would be the next downside target.

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