The price of WTI crude oil futures have reversed course and then back above its 200 hour moving average at $72.62. A report saying Russia said its oil output cuts almost hit its pledged goal in April, turned sellers into buyers. The high price is reached $73.50.
The next upside target comes in at the $73.59 level. That is near the 50% midpoint of the range since the April 12 high (see hourly chart above).
Yesterday the high price moved briefly above that 50% retracement level - reaching a high of $73.69 - before quickly reversing back to the downside. A moved above the 50% retracement and the $73.69 level would increase a bullish bias.
The low price today (just an hour so ago) reached $71.34, which was $0.10 short of the broken 38.2% retracement target at $71.24.
The USDCAD has dipped with the move higher as well. As outlined in the video posted earlier, the pair reached the low of a swing area, and stalled. The buyers have turned to sellers as oil moved higher.
