WTI crude oil (May) futures settle at $59.33

Technical Analysis

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

Up $0.68 or +1.16%

The price of WTI crude oil futures are settling at $59.33. That is up $0.68 or 1.16%. The high price reached $60.90. The low extended to $58.62.  

Looking at the hourly chart, the price of crude oil has been chopping around recently with a high at $62.25 and a low at $57.24. The 100 and 200 hour MAs are converged at around the $60.10 level. After moving above those MAs, the price has rotated back below the MAs into the close and tests the 61.8% of the range.   

In up and down markets, they can continue to chop up and down.  Nevertheless, the 100/200 hour MA remains resistance now. Move below the 61.8% is more bearish (stay below). 

Up $0.68 or +1.16%


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