The price of crude oil futures is settling at $68.07. That is up $1.10 or 1.64%.. The high price reached $68.18. The low price was at $66.65.
Looking at the hourly chart, the high price today stalled just ahead of the 38.2% retracement of the move down from the February 20 high. That level comes in at $68.21. The high price from Tuesday’s trade extended up to $68.46 but could not sustain the momentum and rotated back to the downside bottoming on Wednesday at $66.08.
Move above the 38.2% retracement would open the door for more upside momentum. It above $68.46 would be the next target.
If the price stays below the 38.2% retracement, the sellers are still in play with the 100 and 200-hour moving average at $67.20 and $67.01 as the next downside targets.
