The price of WTI crude oil futures are settling down $0.57 or 0.7% at $78.96. The low price reached $79.85. The low price extended to $77.35.
Looking at the hourly chart above, the price traded the last six hourly bars between the 100 hour moving average above (blue line in the chart above), and the 200 are moving average below (Green line).
After trading below the 100 hour moving average, the 200 hour moving average (green line currently at $77.39) was tested and found support buyers. The price over the last few hours have seen a rebound back toward the higher 100 hour moving average currently at $79.06. Also near the rising 100 hour moving average is the 38.2% retracement of the trading range since the high reached on November 7. The retracement level comes in at $79.16.
Going forward buyers would take more control above the 100 hour moving average and 38.2% retracement. Conversely sellers would assume more control on a break below the 200 hour moving average is $77.39.
