WTI crude oil futures settle at $33.25

Technical Analysis

Down -$ 067 or 1.98%

The price of WTI crude oil futures are settling at $ 33.25 or -$ 0.67 or -1.98% on the day.

The low for the day reached  $ 30.72. The high extended to $ 34.00.  Rising demand is starting to put a bid under the price.  However, for the day, the price moved lower as concerns about China growth and perhaps some profit taking, has hurt the price. 

Nevertheless, the price is well of the low and closing nearer the day’s highs. 

Down -$ 067 or 1.98%

Technically, the price fell below the 100 hour MA earlier in the session and traded down to the lowest level since May 18th (Monday).  However, the momentum could not be sustained and the price is settling back above that 100 hour MA at $ 32.68.  

The price last Friday closed at $ 29.78.  With the price settle at $ 33.25, that represents a gain of $ 3.47 or a 11.6% gain from the last Friday closing level.  

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