Technical Analysis

Crude oil futures settle at $63.98

Down -$0.42 or -0.65%

The price of crude oil is settling at $63.98. That is down $.42 or -0.65%. The high reached $64.79 today. The low extended to $63.68.

Technically, looking at the hourly chart below, the highs today found sellers near a topside trend line connecting highs from March 26, April 2 and April 3. Buyers turned to sellers. The price wandered lower.

Having said that, the pair remains above a rising trend line and the 100 hour MA at $63.28 and $63.10 respectively (both are rising).  Going forward, staying above those levels keeps the bulls more in control.  A break below, would lead to more selling, with the 200 hour MA (green line) at $61.96 as another target.  

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