Crude oil futures settle down or

The price of WTI crude oil futures are settling at $58.24. That's down $0.44 or -0.75%. The decline today was the 1st down day after 8 days of higher trading.

The high for the day reached $58.71. The low extended to $58.04. So not much of a trading range today.

Crude oil futures settle down or_

Looking at the hourly chart above, the sideways price action has allowed for the 100 hour moving average to catch up with the price. That 100 hour moving average currently comes in at $58.03. The price has not traded below that moving average level since February 1. A move below tilts the bias modestly to the downside. A target on the downside would be $57.32 which was the low price from Tuesday's trade and also a low area from Mondays trade. Move below that and traders will be targeting the rising 200 hour moving average (green line).

Stay above the 100 hour moving average and the buyers still remain firmly in control. Getting above $58.91 high this week would open the door for further upside with the $60 level as the next key target.