Test the underside of a broken trendline
The price of WTI crude oil futures are up 4.18% and are trading above $70 (at $70.01).
Looking at the daily chart, the low price yesterday reached around $65.11.
That low - and the low from Monday's trading - broke below the 100 day moving average at $66.34 currently. However traders could not close below the moving average level. The last time the price closed below the 100 day moving averages back in November 2020.
Today sellers turned buyers despite a surprise build in the weekly inventory data.
The price is currently testing the $70 level and also the underside of a broken trendline near $70.15. Move back above that level and the bulls take more control.
