WTI crude oil settles at $56.77

Technical Analysis

Author: Greg Michalowski | crude-oil

Late day rally sends the price to new session high

The price of WTI crude oil is settling at $56.77, up $0.55 or 0.98%. 

Late day rally sends the price to new session high

The low reached to $55.74. The high - reached in the last couple hours of trading - extended up to $56.93.  In the process, the contract extended above the 100 hour MA at $56.31. Earlier in the day, that MA was tested (and broken modestly) but quickly rotated back down.  

The 38.2% retracement of the move down from last Monday's high at $60.92 comes in at $57.09.  That is the next target and another minimum hurdle, if the pair is to move higher.  



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