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%

Invest in yourself. See our forex education hub.
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose