Crude oil prices testing the downward sloping trendline
The price of WTI crude oil is settling at $79.86. That is up $1.47 or 1.88%. The high for the day is not far from the sell price at $39.89. The low was down at $77.97.
For the trading week, the prices of 8.15% after closing last week at $73.77. That is the largest increase going back to October 3, 2022 trading week. The price has been up for seven consecutive days.
Looking at the daily chart above, the will to the upside has the price testing the downslope trendline. Move above that level traders will start to target the $81 level followed by the following 100 day moving average at $82.98. That is near the December high at $82.72.
This article was originally published by Forexlive.com. Read the original article here.