Crude oil is trading above $78

WTI crude oil futures are trading above $78. For the day, the price is up around $2 or 2.56%.

Looking at the daily chart, the price is looking to test its 200-day moving average at $78.13. A move above that moving average would tilt the bias more to the upside with the next major target on the daily chart at the 50% midpoint of the move up from the May low to the end of September high. That level comes in at $79.30.

Conversely, holding resistance against the 200-day moving average would give the sellers more confidence

This article was written by Greg Michalowski at Source