Technical Analysis

WTI crude oil futures settle at $73.95

Up $0.33 or 0.46% on the day

The price of WTI crude oil futures are settling at $73.95. That’s up $0.33 or 0.46% on the day.

For the week, the price closed a week ago at $72.06. The week’s gain is $1.89 or 2.06%.  

Looking at the hourly chart below, the pair dipped below its 100 hour MA on Tuesday only to quickly rebound. On Wednesday, the 100 hour MA stalled the fall, and the price started to run to the upside. 

The pair is in a channel with $74.42 (and moving higher) as the topside trend line target, and $73.36 as the bottom trend line (and moving higher). A move outside that range and traders will eye momentum in the direction of the break. 

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