The price of WTI Crude oil is recovering in trading today after making another low at 44.20 in trading today.
The price is back up toward the 46.00 level. A move above that level (and staying above) might get traders thinking a bottom is in place. It could be setting up for a hammer formation on the daily chart if the upside momentum can continue for the day.
The low from last week’s trading at the 46.83 level, and the 50% of the move down from the Friday high (see chart below) at 46.90 will be a key level to get above if the buyers are to gain some control. The 100 hour MA (blue line in the chart below) is also a level that has been attracting sellers on rallies.That MA currently comes in at 47.67 and moving lower.
Feb Crude oil is bouncing off yet another low level.
As an aside…Not all are bearish on oil. Boeing see oil at 80 to 100 a barrel.
