The price of WTI crude oil is settling at $85.32. That’s up $0.74 or 0.87%
The high for the day reached up toward $86.01. The low was at $83.08.
Looking at the hourly chart, the highs for the day extended above the 200 hour moving average currently at $85.48. However, there were no closes above that moving average line on the hourly chart. The last 4-5 hourly bars has seen support hold above its 100 hour moving average at $84.79.
The current price trades between the two moving averages as traders look for the next shove to provide the clear technical bias.
Looking at the natural gas market, the current price is trading up $0.43 or 7.63% at $6.13.. The last 2 days have skimmed the lows from the end of June and July near $5.33, but found support buyers on each day. The inability to move below those levels, gave buyers the go-ahead to push back to the upside from a technical perspective.
The 200 hour moving average at $6.79 currently (green line in the chart below) will be a key barometer going forward. If the correction continues higher, and moves above the moving average level, it would give buyers some added hope that the bottom is in place.
This article was written by Greg Michalowski at forexlive.com.