Crude oil trades to a new session high

The price of crude oil has moved to a new session high. That level is now reached $77.89, and in the process has moved above the 100-hour moving average at $77.52. Stay above that moving average would tilt the bias more to the upside at least in the short term.

Looking at the chart above, the next major target would be at a ceiling from last week and earlier this week up at $78.52.

The swing high from February 14 at $78.76 and the high from January at $79.25 are other targets on further upside momentum.

Buyers are making a play.

This article was written by Greg Michalowski at Source