Crude oil rally surges past $75, reaching new heights.

The price of Crude oil is moving above $75 to a high of $75.11 so far. The last time the price moved above the $75 level was on January 12 with the swing high reaching $75.24. The end of December highs reached to $75.66 and $76.18. Those levels are the next targets on the topside.

Looking at the hourly chart, the low price today reached $72.56. That did take the price briefly below the 100 and 200-hour MA (currently at $72.78 and $72.95 and moving higher). The inability to extend and stay below those levels, gave the buyers the go-ahead to push higher. On Thursday last week, the price also dipped below those MA levels and failed. There is reluctance to go lower at least from a technical perspective on the last two dips to the MAs.

This article was written by Greg Michalowski at Source