The price of crude oil is settling at $58.84. That is up $0.78 or 1.34%.
The high price today reached $58.94 just off the settle level. The low price was at $57.42.
Looking at the hourly chart, the low price today was near the low prices from Friday’s trade near $57.39. The subsequent move to the upside did extend close to the falling 100 hour moving average of $58.99. That level – and the 200 hour moving average at $59.23 – will be short-term barometers for both the buyers and sellers.
- If the price can stay below the bias remains more to the downside.
- If the price were to move above each than the bias would shift more to the upside.
This article was written by Greg Michalowski at investinglive.com.
