WTI crude oil futures are settling at $41.27

Technical Analysis

That is down $ 0.68 or -1.62%

the price of WTI crude oil futures are settling at $ 41.27. That’s down $ 0.73 or -1.74% on the day.

The high price today reached $ 42.22. The low price extended to $ 41.06.

The last 6 weeks has seen the crude oil price settle between $ 40.27 and $ 41.29. 

Week ending Fri 3 July: $ 40.65 

Week ending Fri 10 July: $ 40.55

Week ending Fri 17 July: $ 40.59

Week ending Fri 24 July: $ 41.29

Week ending Fri 31 July: $ 40.27

Week ending Friday 7 August: $ 41.27

The hope on Wednesday was that the price of crude oil was breaking out to the upside. The high price extended to $ 43.52. That was the highest level since March 6. The high price also got closer to its 200 day moving average (green line in the chart below at $ 43.81) and moved away from its 50% retracement of the 2020 range for the September contract at $ 41.71.

However sellers pushed the price back below that 50% retracement level, and we are settling today back below it. 

In trading next week the story remains the same 

  • Get and stay above the 50% retracement and 
  • The 200 day moving average, 

and the buyers/bulls will be in more control.  Stay below the 50% retracement and the 50 day moving average at $ 39.89 would be the next downside target.

Let’s block ads! (Why?)

Forexlive RSS Breaking technicalanalysis feed

Leave a Reply

Your email address will not be published. Required fields are marked *