Technical Analysis

WTI crude futures settle at $75.12

WTI crude oil futures are settling at $75.12. That’s up $0.49 or 0.66% on the day.

The high for the day reached $75.88. The low extended down to $73.89.

Looking at the 4 hour chart, the highs over the last two bars stalled near the 38.2% retracement of the move down from the January 3 high near $76.86. Stay below that level keeps the sellers more in play. Move above and trade will be eyeing the:

  • Near converged 100 and 200 bar moving averages near $76.84,
  • The 50% midpoint of the range for 2023 at $76.93, and
  • A swing area between $76.76 and $76.93.

A move above that cluster of levels would open the door for further upside momentum.

For now however, stay below 38.2% retracement keeps the sellers in play despite the modest rise in prices today.

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