WTI crude oil futures settle at $52.36

Technical Analysis

Author: Greg Michalowski | crude-oil

Down $1.21 or -2.26%

The price of the February WTI crude oil futures is settling at $52.36. That is down -$1.21 or -2.26%. The high price reached $53.83 the low price extended to $51.83.

Down $1.21 or -2.26%
Looking at the hourly chart, the fall today took the price back below its 100 hour moving average of $52.91, and closer to its 200 hour moving average currently at $51.75. The low price for the day was just above that level $51.83. 

With the price trading between the 100 hour moving average above and the 200 hour moving average below, the buyers and sellers are set up for a battle next week. Move back above the 100 hour moving average would be more bullish. Fall below the 200 hour moving average would increase the bearish bias. 

Last week the price closed at $52.31. With the settle price at $52.36, the change for the week is only $0.05 higher. The low for the week reached $51.50 on Monday. The high for the week extended to $53.93 on Wednesday.

The March contract is moving toward the most active. In trading today it fell $-1.20 to $52.42
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