Up $0.19 or 0.42%
The price of crude oil is ending the day higher but off the highs.
The contract for crude oil is ending at $44.93 up $0.19 or 0.42%. That is off the high at $45.45. The low reached $44.72.
Last week the price dipped to a low of $42.05 on Jun 21. That took out the low from November 14, 2016, but the price quickly rebounded. Since that low the price has been up on 6 consecutive days. At the high today, the gain over that time period was 8.2%.
Looking at the hourly chart, the price rise took the contract above the 100 and 200 hour MAs (at $43.71 and $43.99 currently). The high corrective price remains below the 38.2% of the move down from the May high. That comes in at $45.85.
Overall, there is some bullish:
- Held (for the most part) the November 2016 low and bounced
- Moved above the 100 and 200 hour MA
- Moved above the trend line on the hourly chart.
The not so bullish,
- The price so far has stalled ahead of the 38.2% retracement at $45.85 (see chart below).
- We are ending the day near the lows.
If there is a further dip in the new trading day, keep an eye on the 100 hour MA (currently at $43.99 and rising) for bullish/bearish clues.
