Yesterday the price of WTI crude oil settled at $98.54. That settlement was down -$3.53 on the day. Today the rebounded higher is nearly equal to the decline from yesterday. The contract gained $3.16 or 3.21% to the settle price of $101.70.
Looking at the hourly chart above, the price high today reached $102.78 which was just below the 200 hour moving average at $102.80. (See green line in the chart above) Earlier today, the price moved above the 100 hour moving average and the 50% midpoint of the range since April 11 at $101.07. That level has held support since breaking above earlier today.
With the settle price at $101.70, the price is trading between the 100 hour moving average below and the 200 hour moving average above.
It would now take a move outside of one of those extremes to give traders the next bias clue.
Move above the 200 hour moving average would be more bullish. Move below the 100 hour moving average will be more bearish
