Sunday, February 28, 2021

WTI crude oil futures (April) settles at $59.26

WTI crude oil futures cool down $-1.27 or -2.09%

The value of WTI crude oil futures for April supply settle at $59.26 in the present day.  The excessive worth reached $60.32. The low prolonged to $58.60. The worth has since moved again under the 59 degree. The value presently trades at $58.96. 

For the week, the worth final Friday closed at $59.58. The excessive worth was reached on Thursday at $62.29. That was a brand new cycle excessive going again over 12 months.   The low worth for the week was in the present day at $58.60. With the present worth is buying and selling at $58.95, the worth is definitely down on the week by -$0.63 or 1.05%.

Technically, wanting on the hourly chart under, the excessive worth in the present day stalled simply forward of its 100 hour shifting common (blue line within the chart under) and the underside of the damaged pattern line. Staying under that degree stored the bears extra in management. The value can be buying and selling just under its 200 hour shifting common at $59.39. Admittedly, the worth has traded above and under that shifting common in buying and selling in the present day indicative of a market that’s nonetheless unsure concerning the draw back potential.

Ought to the worth keep under the 200 hour shifting common, and lengthen under the 38.2% retracement of the transfer up from the February 1 low at $58.18, sellers would really feel extra comfy about additional draw back probing.

WTI crude oil futures settle down $-1.27 or -2.09%_

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