WTI crude oil futures settle at $73.17
The price of the WTI crude oil futures are settling at $73.17. The low for the day was at $70.27. The high for the day reached $73.96.
Looking at the hourly chart above, the price extended above its 100 hour moving average currently at $72.74. That tilted the short-term bias to the upside. Going forward, staying above that moving average would keep the buyers in control in the short term.
On the top side the 38.2% retracement of the move down from the high price reached on December 1 comes in at $75.08. The high price from December 8 was at $75.41. The high price on Septembers December 7 was at $75.36. All those three levels are now target levels to get to and through. Above that, and traders will look toward the 200 hour moving average currently at $76.47 (green line in the chart above).
Conversely break back below the 100 hour moving average and I would expect buyers to turn to sellers on the failed break.