WTI crude futures settle at $79.83

The price of WTI crude oil futures are settling at $79.83. That’s up $0.78 or 0.99%.

For the week, the price-1.03% or $-0.87 (at current levels). It is the 2nd consecutive week to the downside after last week’s decline of -3.04%.

Looking at the chart above, at the lows this week, the price found support near the $77.30 – $77.59 swing area (see red numbers circles). The high price today was able to get above it 200-hour moving average but installed near the low of a swing area near $80.45 (see green numbers circles). In between sits the $79 level which has seen a number of swing lows and swing highs going back in time (see blue numbered circles).

That range between $77.30 and $81.08 will be late in trading next week for bias clues. Moving above $81 area, and the bias is more bullish. Moving below $77.30, and the bias is more bearish.

This article was written by Greg Michalowski at www.forexlive.com. Source