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Crude oil settles higher
The price of WTI crude futures are settling at $79.56 . That’s up $2.07 or 2.671%
Frigid temperatures across most of US are contributing to the move to the upside. The high price today extended back over the $80 level to $80.30. The low price was down at 78.01.
Looking at the hourly chart, the price moved back above the 38.2% retracement of the move down from the November 7 high. That level comes in at $79.16.
The rising 100 hour moving average is down at $77.4, and the rising 200 are moving averages at $76.52. Earlier this week, the price tested that 200 hour moving average and found successive buyers against the level. That gave the buyers the go-ahead to push the price to the upside from a technical perspective.
This article was originally published by Forexlive.com. Read the original article here.