Technical Analysis

WTI crude oil futures settle at $57.43

Up $0.36 or 0.63%

The price of WTI crude oil futures are settling the day and the week at $57.43. That is up $0.36 or 0.63% on the day.  

The high for the day reached $57.98 while the low extended to $56.66

Last Friday, the contract settled at $52.21. For the week, that is a gain of $5.22 or 10% gain on the week. The gains were fed by geopolitical fears from the tensions with Iran. Crude oil inventories this week were also lower by -3106K vs -1533K estimate.   That was the first meaningful decline since May 3 week (there was a -282K drawdown one week, but builds of 5431K, 4740K, 6771K and 2206K in the most recent weeks). 

Techncally, the price is above the 38.2% of the move down from the April high at $56.71 and is moving toward the 50% at $58.60 and the 100 day MA at $58.56.  That $58.56-60 area will be eyed next week along with the 200 day MA at $59.10. Moves above will give the bulls more of the bias. Stay below and corrective move higher off the June lows, may be over. 

ForexLive

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