WTI Crude oil futures settle at $57.10

Technical Analysis

Author: Greg Michalowski | crude-oil

Up  $2.17 or 3.95%

The price of WTI crude oil futures are settling the day of $57.10, up $2.17 or 3.95%. The tariff delay and rising stocks helped the price move sharply higher.

Crude oil futures on the hourly chart
Looking at the hourly chart above, the contract price raced from the 200 hour MA on the news headlines. The price moved to test the 61.8% and a topside trend line at $56.95 and $57.21 respectively.   

Taking a broader look at the daily chart, the price also moved above its 200 day moving average at $56.57. That moving average will be close support for traders going forward.

Crude oil on the daily chart rose above its 200 day moving average
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