The price of crude oil futures settled at $63.96. That is up $1.31 or 2.09%.
The move to the upside has taken the price within the swing area between $63.61 and $65.27. In between that area sits the 100 day moving average at $64.73 (and lower).
Earlier this week, the price fell below that moving average and has been able to stay below that level over the last three or so trading days. That moving average and swing area will be a close risk-defining level at least in the short term. Move above, and there could be additional upside momentum on the failure of the break lower.
This article was written by Greg Michalowski at investinglive.com.