Crud oil technicals
The price of WTI crude oil is settling lower by -$0.20 at $61.33. The current price is trading a little higher at $61.44.
Yesterday, the price settled near unchanged and today the same is also true. The high price today reached $62.06. The low price was at $60.88.
At session highs, the price tested its 200-hour moving average (green line on the chart above) and found willing sellers for the second consecutive day.
On the downside, the low price approached its rising 100 hour moving average (blueline on the chart above) and it to found support buyers ahead of that level.
The 100 hour moving average is $60.92, and the 200 hour moving average at $61.54 are converging. Traders will look for a break in either direction with momentum to determine the next bias – either more bullish or more bearish.
