Up $0.40 or 0.83%
The price of WTI crude oil futures are settling at $48.40. That's up $0.40 or 0.83%.
The high price reached $48.66. The low price extended to $47.61
Looking at the daily chart for the February contract, the high price for the year was on January 3 at $57.68. The low price was on April 22 at $27.22.
Since the low, the price has increased some of 77.41% (to current levels). The high price has extended to $49.43. That was just below the swing low from early February at $49.50. The last 14 or so days has seen the price close above its 61.8% retracement of the 2020 trading range at $46.04. It would take a move back below that level to tilt the bias a little more to the downside from a technical perspective. On the topside, getting above the $49.43 to $49.50 area would next target the natural resistance at the $50 level.
