WTI crude oil futures settle down $0.14 or -0.17%.
The price of WTI crude oil futures settle at $83.91 that was down $0.14 or -0.17%.
The high price today reached $84.41. The low price extended to $82.92. The 52 week high prices up at $85.41.
Looking at the hourly chart, the high price from yesterday tested the high from October 27 and found sellers against that level. The subsequent fall - into today - took the price down to retest the 100 hour moving average (blue line). Buyers leaned against that level and did push the price off that level and back higher.
Going into the new trading day, the buyers are more in control.
What would change that control?
A break below the 100 hour moving average at $83.03 would be needed to increase the bearish bias. A move below that level, and traders will be looking toward other support target including the 38.2% retracement of the move up from the October 7 low at $81.40. Below that, the swing area between $80.56 and $80.77 would be targeted.
