WTI crude futures settle at $90.77. What are the technicals telling traders?

The price of WTI crude futures are settling at $90.77. That’s up $0.61 or 0.66%. The low for the day reach $89.22. The high extend up to $91.15.

For the week, the prices up around 4% on the week. This is the 3rd consecutive up week for crude oil.

Technically, the price is closing above its 100 week moving average at $85.91.

Looking at the hourly chart below, the price low today found early buyers against the 100 hour moving average (blue line in the chart below), and quickly reversed back toward the high for the day.

This article was written by Greg Michalowski at www.forexlive.com. Source