The price of crude oil did rally sharply today with the price settling at $69.42 up $2.30 or 3.43%.The high price extended to $69.83. The low was at $67.15.
Looking at the hourly chart above, the run to the upside today stalled just short of the 38.2% retracement of the run down from the June 5 high (at high was at $75.05). The 38.2 retracement level comes in at $69.96 – just short of the natural resistance at $70.
Also in play is the falling 100-hour moving average is currently at $70.22. Getting above that moving average and the 200-hour moving average currently at $70.76 would be needed to increase the bullish bias. Absent that, and the sellers are still more in control in the short term. Move above each of those targets and the bias shifts.