Earlier declines are mostly recovered
The WTI crude oil futures are settling the day at $72.61. That is unchanged on the day.
The low price reached $71.53. The high price extended to $72.99.
Looking at the hourly chart below, the price decline today was able to extend below the 50 hour moving average, but found support buyers right against a upward sloping trendline connecting recent lows. That trendline cut across at $71.53, and the price rotated back higher.
Going forward a move below the trendline would tilt the bias more to the downside. Until then, the buyers remain firmly in control. On the topside the high price yesterday and today came in between $72.99 and $73.14. The obvious target would be to get to and through that level to increase the bullish bias.
For today, although unchanged on the day, it is a bullish result given the earlier declines into support.
