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.
WTI crude oil is trading in narrow up-and-down trading range
This article was originally published by Forexlive.com. Read the original article here.