Up $3.50 or 5.63% %
The price of WTI crude oil futures are settling at. That is up $3.64 or 6.02%. The high for the day reached $65.97. The low extended to $61.76.
The gain today snapped the seven day losing streak. That move saw the price move down from a high of $69.60 on August 12, to a low on Friday of $61.72. That was a decline of about -11.22%.
Looking at the hourly chart, the price rise today has push the price back toward the 50% midpoint at $65.66. The price has been trading above and below that midpoint level over the last five trading hours (at $65.66). The contract also trades toward the middle of the 100/200 hour moving averages. The 100 hour moving average is down below at $64.58 while the 200 hour moving average is up about at $66.40. Movements outside of those moving averages will increase the bullish or bearish bias going forward.
For now with the price hang around the midpoint, and above the 100 hour moving average (bullish), but below the 200 hour moving average (bearish), the market bias is more neutral. Traders await for the next shove to take the price outside of the moving average range.
