The price of oil is settling at $76.84. That is up $0.62 or 0.81% on the day. The high price reached $77.29. The low price was at $75.93.

For the trading week, the prices soared 6.27% which comes after a -7.35% decline last week, and a 6.5% rise the week before. So price action has been up-and-down over the last few trading weeks.

Looking at the weekly chart, the price low dipped below its 200-week moving average at $72.04. Looking at the chart below, the last 10 trading weeks has been skimming along that 200-week moving average with six of the 10 weeks moving below the moving average intra-week. However, there have been no closes below that moving average – keeping the buyers in play technically.

This article was written by Greg Michalowski at www.forexlive.com.