Up $0.54 or 1.13%
The price of WTI crude oil futures are settling at $48.36. That is up $0.54 or 1.13%.
The high price today reached $48.59. The low price extended to $47.81.
The high reached today was the highest level since March 4. The next target is the March 3 high price of $48.88. Get above that level and traders will be targeting the natural resistance at the $50 level.
Looking at the hourly chart above, a topside trend line connecting the December 4th high with the December 11 high also cuts across near the $50 level increasing the levels importance.
On the downside, the pair remains above its 100 hour moving average of $47.35 and its 200 hour moving average at $46.66 (blue and green lines). Ultimately if the sellers are to take control, the price needs to get and stay below each of those levels. Until then the buyers are more control.
