Crude oil futures settle at $79.12

The price of crude oil futures are settling at $79.12. That’s up $0.86 or 1.1%.

The high price today reached $79.46. The low price was at $77.81. The commodities 100-day moving average comes in at $78.38. The price traded above and below that moving average level for the sixth time in seven trading days (see blue line on the chart below). On Friday, the price closed below that moving average level but could not sustain momentum at the lows today, – and also stalled ahead fo the 50% retracement – and bounced back higher.

The 200-day moving average comes in at $80.01 and that will be a target on the top side in trading this week on further upside momentum. That level also corresponds with the 38.2% retracement of the move up from the December low increasing the level’s importance in trading this week.

This article was written by Greg Michalowski at Source