The price of WTI crude futures are settling at $83.49. That’s down $-2.48 or -2.88%. The low price today reached $83.17. The high price was at $86.48.
Technically looking at the daily chart above, the price moved back into a key swing area between $82.35 and $83.32. However, the buyers did show up to push the price modestly higher and above that swing area at the settlement.
Going into the new trading day, moving below $82.35 would increase the bearish bias with the next support at the low from last week at $81.56. Below that, the 100-day moving average and 50% midpoint of the move up from the May low are both near $79.30.
Conversely, if support should hold here against the swing area, getting back above $84.85 (the high price from August) would be needed to increase the bullish bias. The prior 2 trading days have found support buyers against that area.
This article was written by Greg Michalowski at www.forexlive.com. Source