The price of crude oil futures are settling at $70.10.
That is up $0.27 or 0.39%. The high price today reached $72.45. The low price was at $69.90
Technically, looking at the hourly chart, the high price tested the high price going back to September 24 and rotated back to the downside. That is now key resistance.
Conversely on the downside, the low price stalled just ahead of the 200-hour moving average at $69.78. That is now key supports.
In between the support and resistance level is a swing area between $71.43 and $71.64. The 38.2% retracement of the move down from the August high comes in at $70.91.
This article was written by Greg Michalowski at www.forexlive.com.
