The price of WTI crude oil futures has quickly snapped back to the upside and has nearly retraced back up to the Asian session high at $105.10.
Looking at the hourly chart, the price of the crude oil contract moved below its 100 and 200 hour moving averages earlier today (blue and green lines), and also fell below the 50% midpoint of the range since the April 25 low at $101.60.
The low for the day extended to $100.33. That was just above the swing low from Thursday's trade near $100.10. The inability to move below that level stalled the fall, and the last hour or two has seen the price move back above the moving averages and has now moved to a high of $104.91. That is within $0.20 of the Asian session high at $105.10.
Move above $105.10, and it opens up the door for further upside momentum.
Sellers had their shot below the moving average levels and they failed. Now the buyers are back in control above the 100 and 200 hour moving averages.