Up 1.30% on the day
The price of crude oil is ending the day up $0.59 or 1.30% to $46.08.
The high today reached $46.38.
The low extended down to $44.99.
Yesterday, the price of crude spiked to $46.48 after a large draw down in inventories, but fell down in a "buy the news sell the fact" reaction.
The selling continued today until reaching the 50% of the move up from the low this week at $45.07 (the low reached $44.99 today). The price rebounded and trades back near the highs for the week. The bias
Taking a look at the daily chart, the $46.57 is the 50 day MA. Get above that and there should be more upside potential.
