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WTI crude futures are settling $68.35 up $0.74 or 1.09%. The low price today reached a $65.71. That was just above the low price from yesterday at $65.65. The high price today reached a $69.38. The 52 week high for crude oil comes in at $123.68.
Looking at the daily chart, the swing low going back to December 9 reached $70.08. That would be the next target on the topside if the buyers are to start to take back more control. Move above and stay above $70.08 is key going forward now.
On the downside, the low prices this week – both yesterday and today – were able to get below the December 20, 2021 low at $66.12 (the low price yesterday and today reached between $65.65 and $65.71). However, the move lower were not able to sustain downside momentum, and quickly rebounded. Getting below $66.12 and stay below is key to keep the sellers satisfied.
Working against the downside idea is that markets are oversold. However, markets can remain oversold in trending markets.
Crude oil holds support against yesterday’s low