Technical Analysis

WTI crude oil settles at $87.90

The price of WTI crude oil futures are settling at $87.90. That’s down -$1.18 or -1.52%. The high price reached $88.74. The low price extended to $87.10.

Looking at the hourly chart, the price high this week reached up to a swing area going back to early October between $89.72 and $90.37. The high price stalled ahead of that area. On the rotation back to the downside, the price return to a intraday range swing area near $86.98. That was also near the 38.2% retracement of the October trading range. Move back below that level and below the 100 hour moving average currently at $86.62 (see blue line in the chart below) would tilt the bias more to the downside and have traders looking toward the 200 hour moving average and $85.62.

Conversely stay above and a rotation back toward the $90 level would be eyed.

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