The price of WTI crude oil futures are settling at $85.60. That is up $2.29 or 2.75%. The high price reached $85.68. The low price extended to $83.01.
Looking at the hourly chart, the price has moved back above both the 200 hour MA (green line after testing it earlier in the session),the 100 hour moving average (blue line) and downward sloping trendline connecting recent highs. The 200 hour MA comes in at $84.44, while the 100 hour moving average/trendline comes in at $84.85.
Get and stay above that level (and the 200 hour MA at $84.44) will keep the buyers more in control. Move below and there should be some disappointment.
This article was originally published by Forexlive.com. Read the original article here.