Crude oil settled up $0.48 or 0.57%
The price of crude oil is settling up $0.48 or 0.57% at $84.05. The high for the day reached $84.88. The low extended to $82.74.
Looking at the hourly chart below, the 100 and 200 hour moving averages are converged near the $83.10 level. Staying above those moving averages going forward would keep the bullish bias with the swing highs near $84.84 and $85.39 (see green numbered circles) as the upside targets to get to and through.
Conversely, if the moving averages are broken, traders would start to look toward the low swing levels going back to October 13 between $80.70 and $80.35 (see red numbered circles).
