Analysis

WTI crude oil futures (April) settles at $59.26

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

The value of WTI crude oil futures for April supply settle at $59.26 right this moment.  The excessive worth reached $60.32. The low prolonged to $58.60. The worth has since moved again under the 59 degree. The value presently trades at $58.96. 

For the week, the value final Friday closed at $59.58. The excessive worth was reached on Thursday at $62.29. That was a brand new cycle excessive going again over yr.   The low worth for the week was right this moment at $58.60. With the present worth is buying and selling at $58.95, the value is definitely down on the week by -$zero.63 or 1.05%.

Technically, wanting on the hourly chart under, the excessive worth right this moment stalled simply forward of its 100 hour shifting common (blue line within the chart under) and the underside of the damaged pattern line. Staying under that degree stored the bears extra in management. The value can also be buying and selling just under its 200 hour shifting common at $59.39. Admittedly, the value has traded above and under that shifting common in buying and selling right this moment indicative of a market that’s nonetheless unsure in regards to the draw back potential.

Ought to the value keep under the 200 hour shifting common, and prolong under the 38.2% retracement of the transfer up from the February 1 low at $58.18, sellers would really feel extra comfy about additional draw back probing.

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

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