The price of crude oil futures are settling at $61.50. That is up $1.43 or 2.3%. The high price today reached $61 in a seven cents. The low price was at $59.46. For the week, the price is down $0.78 or -1.26%. At session lows however the price was down $-7.13 to a low of $55.15 (lowest level going back to February 2021) before bouncing to the upside. The high for the week reached $63.87.
Looking at the daily chart above, a swing area floor between $60.45 and $63.64 was broken this week on its way to the low price of $55.12. Yesterday, the high price extended to $63.34. That was about $0.30 short of the $63.64 topside target. Going forward, the price will need to get and stay above that level to give the buyers more confidence.
This article was written by Greg Michalowski at www.forexlive.com.The price of crude oil futures are settling at $61.50. That is up $1.43 or 2.3%. The high price today reached $61 in a seven cents. The low price was at $59.46. For the week, the price is down $0.78 or -1.26%. At session lows however the price was down $-7.13 to a low of $55.15 (lowest level going back to February 2021) before bouncing to the upside. The high for the week reached $63.87.Looking at the daily chart above, a swing area floor between $60.45 and $63.64 was broken this week on its way to the low price of $55.12. Yesterday, the high price extended to $63.34. That was about $0.30 short of the $63.64 topside target. Going forward, the price will need to get and stay above that level to give the buyers more confidence.
This article was written by Greg Michalowski at www.forexlive.com. Read MoreTechnical Analysis
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