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).