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The price of WTI crude futures is settling at $75.42. That’s it down $-1.47 or -1.91%. Although down nearly 2% today, the price this week is still up 2.09% helped by a more positive technical view.
Looking at the daily chart, the price moved above its 100-day moving average on Tuesday’s trade at $73.68 (blue line in the chart above). The price extended higher on that day and continued the rally on Wednesday and Thursday where the price started to test its higher 200-day moving average. That level comes in at $77.32 (green line in the chart above).
The high price today stalled against that level (the high reached $77.30) and buyers turn to sellers. On the daily chart, the price came back down toward the June 5 low near $75.06. The low price today reached $75.11 just above that level.
Drilling to the hourly chart, the fall lower today also stalled against its 100-hour moving average (blue line in the chart below).
So going into the new trading week, the 100-hour moving average and swing level from June 5 will define support. Move below and the bias would have traders looking toward the 100-day moving average is $73.68. On the topside, the 200-day moving average at $77.32 becomes the key target to still get to and through.
This article was written by Greg Michalowski at www.forexlive.com. Source