The price of crude oil is settling at $58.84. That is up $0.78 or 1.34%.
The high price today reached $58.94 just off the settle level. The low price was at $57.42.
Looking at the hourly chart, the low price today was near the low prices from Friday’s trade near $57.39. The subsequent move to the upside did extend close to the falling 100 hour moving average of $58.99. That level – and the 200 hour moving average at $59.23 – will be short-term barometers for both the buyers and sellers.
If the price can stay below the bias remains more to the downside. If the price were to move above each than the bias would shift more to the upside.
This article was written by Greg Michalowski at investinglive.com.