The price of WTI crude oil futures are settling at $89.23. That's up $0.41 or 0.46%. The low for the day reached $87.76. The high was at $90.27.
Technically, looking at the hourly chart, the low today fell below a swing area between $88.07 and $88.37. Momentum could not be sustained and after moving back above the swing area, the price retested the area (see red numbered circle 8) before moving sharply to the upside.
The high price today did fall short of an old broken trendline and also short of the 200-hour moving average at $90.68. If the buyers are to take more control, getting above the 200-hour moving average and 100-hour moving average at $91.31 would be required.
Sellers today had their shot below the swing area. They missed. Buyers that the price back toward moving average resistance but fell short. The prices trading between those support (at $88.07) and resistance targets (at $90.68). Buyers and sellers are battling it out between those levels.
