Technical Analysis

WTI crude oil futures settle at $83.57

Up $0.76 or 0.92%

The price of WTI crude futures are settling at $83.57. The close was lower this week and the first negative week in 10 weeks. 

The high for the day reached $83.74. The low extended to $81.41.

The price last week closed around $84.15. With the settlement at $83.57 this week, the contract price fell by and modest $0.58. Nevertheless, it was a down week for the crude complex.

The low price is this week stalled near swing lows from October 20 and October 21 at $80.56 to $80.77. The inability to move below that area gives a buyers still more control. The price is also closing back above its 200 and 100 hour moving averages (blue and green lines in the chart below). That is also more bullish.

Next week it would take a move below - and staying below - the $80.56 level to increase the bearish bias.

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