Technical Analysis

WTI crude oil futures settle at $76.68

The price of WTI crude futures are settling at $76.68. That’s up $0.96 or +1.27%

The low today reach $74.77. The high extended to $77.11. The lower dollar/lower rates help to send the price back to the upside. Other commodities also gained with gold up $36 or 1.99%. Silver was up $0.42 or 2.13%.

For the trading week, the price is down $-3.10 or -3.87%.

Looking at the daily chart below, the price highs for the week extended above the 100 day moving average – and closed above – for the first time since November 2022 (it was only for one day then). Like back in November, the price could only close above the 100 day moving average for one single day (Monday). On Tuesday the price moved sharply lower.

Today’s gains were the first after three days to the downside.

Crude oil moved higher today after 3 days of declines

In the bigger picture, it would take a move above the 100 day moving average (currently at $79.53) and staying above that moving average to give the buyers more control. On the downside, and upward sloping trendline connecting recent lows cuts across at around $73.64

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