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WTI crude oil futures settle at $73.17

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WTI crude futures settle at $73.17

The WTI crude oil futures price stands at $73.17. The low for the day was $70.27. The high of the day reached $73.96.

Looking at the hourly chart above, the price has extended above its 100 hourly moving average currently at $72.74. This tilted the short-term bias upwards. Going forward, staying above this moving average would allow buyers to maintain control in the short term.

At the top, the 38.2% retracement of the decline from the high price reached on December 1 stands at $75.08. The high price on December 8 was $75.41. The highest price on September 7 was $75.36. All of these three levels are now target levels to reach and cross. Above that, traders will look to the 200 hourly moving average currently at $76.47 (green line in the chart above).

Conversely, cross back below the 100 hourly moving average and I would expect buyers to turn to sellers on the missed break.

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