WTI Crude Oil Futures Settle at – $ 1.27 or -2.09%
The price of WTI crude oil futures for April delivery is now $ 59.26. The high price hit $ 60.32. The low extended to $ 58.60. The price has since returned below the 59 level. The price is currently trading at $ 58.96.
For the week, last Friday’s price closed at $ 59.58. The high price was reached Thursday at $ 62.29. It was a new high cycle going back to the year. The low price for the week today was $ 58.60. With the current price trading at $ 58.95, the price is actually down on the week by $ 0.63 or 1.05%.
Technically, looking at the hourly chart below, the high price stalled today just ahead of its 100 hour moving average (blue line in the chart below) and below the broken trendline. Staying below this level gave the bears more control. The price is also trading just below its 200 hour moving average at $ 59.39. Certainly, the price has traded above and below this moving average in trading today, indicating a market that is still unsure of the downside potential.
If the price stays below the 200-hour moving average and continues below the 38.2% retracement of the upward movement from the February 1 low of $ 58.18, sellers would feel more out. comfortable for a new downward analysis.