The price of WTI crude oil futures rose to near 8% on the day at session highs. Those highs moved into a swing area ahead of the recent April high (at $109.05). That swing area came between $107.86 and $108.14 (see red numbered circles and yellow area in the chart above). Sellers leaned in last four hours has seen a steady and quick move back to the downside.
That move lower erased gains for the day, and the contract is settling at $104.69. That’s down $0.67 on the day.
A week ago, the trading closed at $101.68. At the settlement price, the is still up 2.96% on the week (up $3.01) and near.
This week, the low price extended to $95.25 on Monday before rallying up to the 200 hour moving average on Tuesday and finally breaking above that moving average during yesterday’s trade (see green line in the chart above). As mentioned the high price today extended up to the swing area and near $108.00.
The $108.00 level solidified as an upside resistance target today/this week. The 200 hour MA at $102.23 and the rising 100 hour MA at 101.87 will be key levels on the downside in the new trading week.