The price of crude oil has seen a bounce back higher after lows for the day at $87.25 stalled ahead of the lows from Friday at $87.01.
Crude oil pushes toward swing area and the falling 100H MA
The move back to the upside has seen the pair move up to test the high from Friday at $90.75. Just above that is the falling 100 hour MA at $90.82. Get and stay above that MA would increase the bullish bias.
Taking a look at the daily chart, the low prices reached over the last few days has tested the 61.8% retracement of the move up from the December low. That level comes in at $88.04. Sellers could not sustain momentum below that level. The level is now reestablished as support.
Crude on the daily chart
