Technical Analysis

Up $0.75 or 1.96%

The price of WTI crude oil futures is settling at $38.94. That is up $0.75 or 1.96%.

The high for the day reached $39.08. The low extended to $37.07.  The contract is closing near the highs for the day.

Technically, the low price today did find support just above the 100 day moving average at $37.06. Holding that level gave the buyers the go ahead to take the price higher, and they did…

Going forward, stay above the 100 day moving average (blue line in the chart above) keeps the potential for further upside in play. 

On the topside the 50% retracement at $40.11 is the next key target to get and stay above. Get above that level – and then the  low from March 6 – will be the next target at $42.04.

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