Technical Analysis

Crude oil settles at $71.78, up 0.62% on the day

Recovered into the close

The price of crude oil is settling at $72.78, up $0.44 or 0.62% on the day.

The high reached $72.70. The low reached $70.85.

Looking at the hourly chart below, the price action opened higher, moved lower toward a lower trend line. The last two days has seen higher lows.  The price recovered into the close toward the mid point of the day’s range.   

The 100 hour MA is catching up to the price. That MA (blue line in chart below) comes in at $72.60.  The price is still $0.90 or so away from the price, but aware in the new trading day.  A move above would turn the bias back to the upside. 

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