Crude oil is settling at $61.04 that’s up $0.91 to 1.5`%. The high price today reached $61.28. The low price was at $59.66.
Looking at the hourly chart, the price initially moved to the downside, but found support near the low of a swing area between $59.58 and $60.17. The subsequent rise took the price back above the 100 and 200 hour moving averages and toward a higher swing area between $61.45 and $61.94. The high price still fell short of the low of that swing area, but will be eyed going forward.
Buyers are making a play below the moving averages, but they at work to do to increase the bullish bias
This article was written by Greg Michalowski at investinglive.com.