WTI crude oil futures settle at $39.27

Technical Analysis

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

Down -$0.43 or -1.08%

The price of August WTI crude oil futures are settling the day at $39.27. That is down -$0.43 or -1.08% on the day. 

The high for the day reached $40.08. The low reached $38.85.

Down -$0.43 or -1.08%
Looking at the hourly chart below, the price traded above and below its 200 hour moving average at $39.24 (closing just above that level and $39.27).  However it was able to stay above its 100 hour moving average at $38.64 (blue line).  It will take a move below the 100 hour moving average to tilt the bias more to the downside. Having said that getting and staying above its 200 hour moving average would also be needed to give the buyers more confidence.

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