The high price today reached $99.01. The low prices at $94.59.
WTI crude oil is closing near its 100 hour moving average
For the trading week, the contract close last week came in at $104.78. The high price early on Monday reached a high of $104.86. The low price was reached on Thursday at $90.54 before rallying yesterday and again today. The midpoint of the week’s trading range comes in at $97.64. The price closed just below that midpoint level.
Looking at the hourly chart above, the high price today stalled near a topside trend line. The price today did extend back above the 100 hour moving average (blue line in the chart above), but is still well short of the 200 hour moving average currently at $99.74.
Going into next week, those moving averages will be in play and help define the bullish bearish bias. Stay below is more bearish. Move above is more bullish. stay below is more bearish. The price has not traded above its 200 hour moving average since July 5th.
Pres. Biden is in Saudi Arabia. However expectations are not for any material impact on supply. Nevertheless, since the announcement of the President’s trip to Saudi Arabia back in June, the price has move down from around $119.
This article was written by Greg Michalowski at www.forexlive.com.