WTI crude oil futures settle at $44.55

Technical Analysis

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

Down $-0.79 or -1.74%

The price of WTI crude oil futures are settling at $44.55. That is down $-0.79 or -1.74%. The high price for the day reached $45.60. The low price extended to $44.12.

Looking at the daily chart, the contract fell back below its August highs at $44.59. The closes just below that level as well. That tilted the bias a little more to the downside on the inability to extend above the 61.8% retracement level at $46.43. The last 3 days has also seen lower highs albeit moderate declines each day, which is another bearish tilt. Nevertheless it would take a move below the 50% retracement at $42.57 and then a move below the 100 day moving average of $41.48 to tilt the bias more to the downside

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