The price of WTI crude futures are settling up nine cents or 0.11% at $80.70. The high price reached $80.96. The low price extended to $79.65.
Looking at the hourly chart below since the gap higher over the weekend, the price has been non-trending between $79 and $81.81. That has allowed the 100 hour moving average to catch up to the price (blue line in the chart above). The 100 hour moving average, comes in a $79.97. A move below it could see further downside probing, but traders will need to get below the $79 low from Monday’s trade to give the sellers more confidence.
Conversely stay above like it’s done today, keeps the buyers more control.
This article was originally published by Forexlive.com. Read the original article here.