The price of WTI crude oil futures has made a run to the upside. The catalyst has been a move back above its 200 hour moving average currently at $102.47.
Early in the European session, the price tried to get above that level after finding resistance sellers against the moving average both yesterday and on Tuesday. However the first look above the level failed and the price rotated back between the 100 hour moving average below at $100.58 and the 200 hour moving average above (blue and green lines in the chart above).
The move back above the 200 hour moving average has also seen the price of crude oil extend above the 61.8% retracement of the move down from the April 18 high at $103.88. The current price is holding support against that level in the current hourly bar.
If the price can stay above, a run toward the next upside target between $105.23 and $105.40 would be eyed. That area represents swing levels going back to April 14. Get above that level and the recent extreme up to $109.20 would start to be talked about.
