WTI crude oil futures settle at $71.64

Technical Analysis

Up $0.60 or 0.84%

The price of WTI crude oil futures are settling at $71.64. That is up $0.60 or 0.4%. The price last Friday closed at $70.79. So for the week, the price is up $0.85.

The high for the week was on Wednesday at $72.96. The low for the week was yesterday at $69.76.

Technically, in trading yesterday the price fell below its 100 hour moving average with momentum as stocks were triggered. The next two hours so the price move from around $71.60 to the low for the week at $69.76, before starting a move back to the upside.

In trading today, the price action was up and down, but ultimately shot back higher and settled just above its 100 hour moving average at $71.55.

Next week, the 100 hour moving average will help two define a bullish or bearish bias. 

  • Stay above and the buyers can continued the run to the upside.   The bias would be more bullish.
  • Move below the 100 hour moving average, and then crack back below the 200 hour moving average (green line) would tilt the bias more to the downside (bearish).

For now the price is right near the moving average line as traders our content to settle into the weekend near a bias defining level.

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