Technical Analysis

Crude oil trades near session highs

Continues in late day trading

The price of crude oil settled the day at $62.25, up $0.31 or 0.5%, and is extended even higher in after hours trading.  The price is up to $62.74, up $0.79 and in the process is above the 100 hour MA at $62.43 and the 38.2% retracement at $62.55.    It is also peeking above a downward sloping trend line at $62.61.   Close risk is now at the 100 hour MA at $62.43 for longs looking for more upside. 

The price was knocked down initially after the Pres. Trump tweet on concerns about global growth. However, the US stocks have been slowly but surely recovering in the day. The S&P is down -9.3 points at 2936.18 after being as low as 2898.21.  The Nasdaq is down -32 points at 8131.98 after being as low as 7981.85. 

Sources are saying a China delegation will still be coming to Washington this week to resume trade deal talks. They will come with the threat of an increase in tariffs hanging over their heads.  


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