Trades to highest level since November 2
The price of WTI crude oil futures are trading at the highs for the day. The price just reached $83.78. That’s up about $1.58. The price is the highest level since November 2.
Looking at the hourly chart, the low price from yesterday’s trade tested its 100 hour moving average (blue line). The afternoon high price yesterday stalled near the 200 hour moving average (green line).
In trading today, the price traded above the 200 hour moving average, but then rotated back below in the early US session. However the last three or four hours has seen the price move sharply to the upside and in the process extended above the old high from November 4 at $83.39.
The next target area comes between $84.38 and $84.84 (see red numbered circles and yellow area). The best case for the longs (as far as risk) is to stay above the $83.39 now (the November 4 swing high). More conservative risk would be to stay above the 200 hour moving average at $82.13.
This article was originally published by Forexlive.com. Read the original article here.