WTI crude oil futures settle at $52.61


Down $-0.16 or -0.30%

The price of WTI crude oil futures for March delivery are settling at $52.61. That is down $0.16 or -0.30%.

The high price reached $53.25. The low price extended to $52.29.

Down $-0.16 or -0.30%_

Looking at the hourly chart below, the price has been waffling above and below 100/200 hour MA at $52.70 area.   The converges MAs and the price action above and below the MAs is congruent with a “market” that is unsure of which way it wants to go. The low price on Friday reached down to the 38.2% near $51.41 and found buyers.

At some point, the price will extend outside the range between $51.41 and $53.94.  However be aware that, there could still be some false breaks like the move above the 100/200 hour MAs.  Nevertheless, non-trending transitions to trending. The market will one day break away and run.



Source link