Technical Analysis

WTI crude oil futures settle up $0.20 or 0.27% at $75.03

Price settles at $75.03 after trading as high as $76.07

The price of WTI crude oil futures are settling at $75.03. That is up $0.20 or 0.27%. The high price reached $76.07 but came off after report from OPEC+ that they may look to increase production at their upcoming meeting.  That sent the price back down toward the 100 hour moving average (blue line in the chart below) currently at $74.92 where support buyers have stalled the fall

Earlier in the day at the lows for the day, the price also found buyers near a move moving average level – this time the 200 hour MA. On the dip to the lows for the day near $73.11, the price tested its 200 hour moving average (rising and currently at $73.29).

Going forward, if the price moves below the 100 hour moving average at $74.92, traders will once again target the 200 hour moving average. It would take a move below each to increase the bearish bias.

Conversely if the 100 hour moving average can now hold, the buyers remain in control and traders will probe the recent highs including the September 28 high at $76.65.

For the month, the end of July closing level was at $73.66. With the pair settling at $75.03, the price is up $1.37 or 1.85% on the month. 

The low for the month came in at $67.15 on the first day of the trading month. 

The high for the month was reached on September 28 at $76.65. That was short of the year high price from July 6 that $76.95.

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