WTI crude oil futures settle at $57.72

Technical Analysis

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

Settlement price is up $0.95 or 1.67%

The price of WTI crude oil futures are settling at $57.72. That is a gain of $0.95 or 1.67%.

The high price for the day reached $57.97.
The low was down at $56.43

Settlement price is up $0.95 or 1.67%_
Technically, the price moved above the most recent consolidated range high at $57.88. However momentum could not be sustained. Nevertheless, the price is also trading above its 200 day moving average. That moving average comes in at $57.33 today. A word of caution the last 10 trading days has seen the price move above and below the 200 day moving average.

Last Friday, the price closed at $57.24 the $0.48 gain represents a 0.83% rise. The low for the week was reached on Wednesday at $56.20. The high for the week was today at $57.97.

Technically, the price is not only closing above the 200 day moving average but also the 50% retracement of the move down from the September high. That level comes in at $57.19. If the price can stay above the 200 day moving average and the 50% retracement level in the $57.19 – $57.33 area, the bulls will remain in control.

This week crude oil inventories showed a bigger than expected build of 2219K versus 1500K. That helped to send the price down in trading yesterday. However the hopes for a US China trade deal perked up again today and that helps to support the price of crude on higher global growth.

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