Technical Analysis

WTI crude oil futures settle that $71.65

Down $0.26 or -0.36%

The price of WTI crude oil futures  are settling at $71.65. That is down $0.26 or -0.36%.

The high price today reached $72.33. The low price extended to $71.08.

Looking at the hourly chart below, the price low did extend below the 100 hour moving average (blue line in the chart below). However, the price quickly rebounded and settled back above that moving average line currently at $71.33.  Stay above the 100 hour moving average keeps the buyers more control.

On the topside, the 61.8% retracement of the July trading range cuts across at $72.39. The high price yesterday stalled near that level. The high price today came in just below that level at $72.33. For the buyers take more control, getting above that retracement level would increase the bullish bias.

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