WTI crude oil futures settle at $70.29

Technical Analysis

Author: Greg Michalowski | crude-oil

Up $0.33 or 0.47%

The price of WTI crude oil futures are selling at $70.29. That's up $0.33 or 0.47%

Up $0.33 or 0.47%_.

The high price for the day reached $70.65. The low price extended to $68.68.

The price fell sharply after a headline saying  "US lifts sanctions on Iran individuals".  The tumble lower, saw the price dip briefly below the 200 hour MA (green line) for the first time since May 24th. 

Later US officials said that the section removal was for an individual, and hadnothing to do with the Iranian nuclear talks, nor was it a prelude to further sanctions being eased for the country. 

As a result the price rebounded back to the upside and is closing back above the 
  • 100 hour MA at $69.58 
  • The broken trend line at $69.77 and the
  • Natural resistance at $70
Staying above those levels going forward would keep the buyers more in control 
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