Crude oil futures settle at $63.80 up $0.23

Technical Analysis

Author: Greg Michalowski | crude-oil-futures

Up 0.36% on the day

The price of crude oil futures are settling at $63.80, up $0.23 or 0.36%

  • The high for day reached $64.77
  • The low reached a low of $63.43

The price is higher on the day, but there could be a short term top being formed after the run higher. Looking at the hourly chart above, the price today moved above a topside channel trend line. That was an acceleration of the trend. Having that come at new highs, and have that break fail, is a concern for longs.  We could be at a short term top. 

Be aware.  The lower trend line and the 100 hour MA at 62.65 (and moving higher) will be downside targets for the pair.  That 100 hour MA and trend line has been support on dips on the bull move higher. The price has not traded below the MA since December 18.