WTI crude oil futures settles at $52.45 a barrel

Technical Analysis

Author: Greg Michalowski | crude-oil

Down $0.19 or -0.36%

The price of WTI crude oil futures settled at $52.45 per barrel. That is down $-0.19 or -0.36%.

The high price today reached $52.91, while the low extended to $50.99. The the low got close (within $0.40-$0.50 ) to the June and August lows at $50.60 and $50.52 respectively, before finding buyers and bouncing higher.  

Looking at the daily chart below,the drone attack on the Saudi refinery sent the price of crude soaring to the upside on September 16. That took the price back above the highest level going back to May (at $61 area).  However, the next day the price was back below that high and the selling was on.  Since then the March has been steadily lower.  Today's test of the $50.52 area, could solicit more buying against the support level.

Crude oil for futures closed Down $0.19 or -0.36%_

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