WTI crude oil futures (April) settles at $59.26

Technical Analysis

WTI crude oil futures settle down $ -1.27 or -2.09%

The price of WTI crude oil futures for April delivery settle at $ 59.26 today.  The high price reached $ 60.32. The low extended to $ 58.60. The price has since moved back below the 59 level. The price currently trades at $ 58.96. 

For the week, the price last Friday closed at $ 59.58. The high price was reached on Thursday at $ 62.29. That was a new cycle high going back over year.   The low price for the week was today at $ 58.60. With the current price is trading at $ 58.95, the price is actually down on the week by -$ 0.63 or 1.05%.

Technically, looking at the hourly chart below, the high price today stalled just ahead of its 100 hour moving average (blue line in the chart below) and the underside of the broken trend line. Staying below that level kept the bears more in control. The price is also trading just below its 200 hour moving average at $ 59.39. Admittedly, the price has traded above and below that moving average in trading today indicative of a market that is still not sure about the downside potential.

Should the price stay below the 200 hour moving average, and extend below the 38.2% retracement of the move up from the February 1 low at $ 58.18, sellers would feel more comfortable about further downside probing.

WTI crude oil futures settle down $ -1.27 or -2.09%_

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