WTI crude oil futures settle at $37.96

Technical Analysis

Author: Greg Michalowski | crude-oil

Down -$0.42 or -1.09%

The price of the July WTI crude oil futures settle at $37.96. That is down $0.42 or -1.09%  the high price reached $38.75. The low price extended to $37.21.

Down -$0.42 or -1.09%
Looking at the hourly chart above, the price stayed mostly above its 200 hour moving average currently at $37.64. A move back below that level with momentum should solicit more selling pressure with the $37.07 swing low from June 9 and again yesterday followed by the 100 hour moving average at $36.70. 

On the topside a trendline cuts across around the $39 level

The August contract contract down -$0.44 at $38.21.

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