WTI crude futures are settling $68.35 up $0.74 or 1.09%. The low price today reached a $65.71. That was just above the low price from yesterday at $65.65. The high price today reached a $69.38. The 52 week high for crude oil comes in at $123.68.
Looking at the daily chart, the swing low going back to December 9 reached $70.08. That would be the next target on the topside if the buyers are to start to take back more control. Move above and stay above $70.08 is key going forward now.
On the downside, the low prices this week – both yesterday and today – were able to get below the December 20, 2021 low at $66.12 (the low price yesterday and today reached between $65.65 and $65.71). However, the move lower were not able to sustain downside momentum, and quickly rebounded. Getting below $66.12 and stay below is key to keep the sellers satisfied.
Working against the downside idea is that markets are oversold. However, markets can remain oversold in trending markets.