Technical Analysis

WTI crude oil futures settle at $71.91

Up $1.61 or 2.29%

The move higher in crude oil futures continued today with a sharp rise to the upside. The September contract settled at $71.91. That’s up $1.61 or 2.29%.

The price is up sharply from Monday/Tueday’s lows which saw the price reached $65.59. The price is now up $6.18 or 9.42% from that low. 


Looking at the hourly chart, the futures contract broke above the 200 hour moving average and the 50% retracement of the move down from the July high near the $71.27 level. Stay above that level would the buyers in control going forward.
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