Crude oil surges as traders find support, sparking potential upside

The price of crude oil is rebounding in trading today after bottoming near swing area support yesterday.

Looking at the daily chart above, that swing area comes in between $66.82 and $68.22 (see red numbered circles). Yesterday the low price reached $67.71 between those swing levels. Today the price currently up $2.80 or +3.99% at $72.29. The swing low from November came in at $72.37.

Getting above that level would give the dip buyers some comfort from a technical perspective and could lead to further upside probing.

This article was written by Greg Michalowski at Source