WTI crude oil settles at $75.29

Technical Analysis

Author: Greg Michalowski | wti

Closes down -$0.16 or -0.21% on the day

The price of WTI crude oil futures are settling at $75.29. 

The high price for the day reached up to $76.67. The low price extended to $74.37.

The high got within 31 pips of the high for the year at $76.98 reached on July 6 before finding sellers pushed back to the downside.

Closes down -$0.16 or -0.21% on the day
Looking at the hourly chart, the corrective move off the high price is moving closer to its rising 100 hour moving average (blue line in the chart above) that cuts across at $73.95. A move below the 100 hour moving average is needed to tilt the bias more to the downside and give the sellers some comfort.
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