Crude oil futures are settling at $57.95. That is down $0.89 or -1.51%. The low price reached $57.10. The high price was at $58.96.
Looking at the hourly chart, the price fell below a floor level near $57.39. Getting below that level should be more bearish, but sellers turned to buyers on the break back above and the price rotated back toward the $58 level into the close.
On the topside, the 61.8% retracement $58.49 is joined currently by the falling 100 hour moving average of $58.53. That area becomes the next support buyers that if broken would have traders looking for a rotation back toward the 200 hour moving average of $59.10 (and moving lower).
Sellers had their shot below the $57.39. So dip buyers have some hope against that level. However, getting back above the 100 hour moving average and 200 hour moving average is is still needed to increase the bullish bias.
