US crude oil futures settle at $24.01

Technical Analysis

Up $0.65 or 2.78%

The US crude oil futures are settling at $24.01. That is up $0.65 or 2.78%.   

The high for the day was up at $25.16. The low for the day fell to $23.09. 

Looking at the hourly chart below, the pair traded above and below the 100 bar MA at $23.75. The price settled above that level tilting the bias a little more to the upside.  Stay above is giving the buyers a victory.  Move below, and the bias tilts back to the downside. 

If the price is to go higher, getting above the topside trend line at $24.86 is the next target (and moving higher).  Above that is the 200 hour MA. The price of crude oil has not traded above the 200 hour MA since February 24th. 

ForexLive

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