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Crude oil futures are settling at $57.95. That is down $0.89 or -1.51%. The low price reached $57.10. The high price was at $58.96.
Looking at the hourly chart, the price fell below a floor level near $57.39. Getting below that level should be more bearish, but sellers turned to buyers on the break back above and the price rotated back toward the $58 level into the close.
On the topside, the 61.8% retracement $58.49 is joined currently by the falling 100 hour moving average of $58.53. That area becomes the next support buyers that if broken would have traders looking for a rotation back toward the 200 hour moving average of $59.10 (and moving lower).
Sellers had their shot below the $57.39. So dip buyers have some hope against that level. However, getting back above the 100 hour moving average and 200 hour moving average is is still needed to increase the bullish bias.
This article was written by Greg Michalowski at investinglive.com.
This article was written by Greg Michalowski at investinglive.com.
This article was written by Greg Michalowski at investinglive.com.
Amazon shares are trading up around 1.5% on the day and increasing the bullish bias in the process.
In the video above I take a look at the daily chart, and seek two bullish developments over the last few trading days.
Holding the 200 day moving average and breaking above the 50 and 100 day moving averages are a bullish development. Topside target resistance would be near $238.24. Break above that and we could see a run back toward the all-time highs at $258.60 over time.
Buyers are making a play, stay above $225 and they keep control of the bias.
This article was written by Greg Michalowski at investinglive.com.
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