WTI crude oil futures settle at $38.28

Technical Analysis

Author: Greg Michalowski | wti-crude-oil-futures

Up $1.02 or 2.74%

The price of WTI crude oil futures for October settlement settle that $38.28. That is up $1.02 or 2.74%. The high price reached $38.57 while the low extended to $37.06.

Up $1.02 or 2.74%

Looking at the hourly chart, the price today extended back above its 100 hour moving average, and retested that moving average level before rising to the session highs (see blue line in the chart above). The run to the upside did extend briefly above its 200 hour moving average (green line currently at $38.43), but has rotated back below the level into the close.

In the new trading day, getting and staying above the 200 hour moving average would be needed to solicit a more bullish bias. Failure to do that and a retest of the hundred hour moving average at $37.47 cannot be ruled out.
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