Technical Analysis

Crude oil futures settle at $53.13

Up $.51 or zero.97%

The worth of crude oil futures are settling at $53.13. That’s up $.51 or zero.97%.  The low for the day reached $$52.07. The excessive prolonged to $53.47

The power stock information in the present day confirmed crude oil inventories displaying an enormous construct of 7070Ok. That was method above the estimates, however not that removed from the non-public estimates final evening which got here in at 6550Ok.  Gasoline inventories additionally rose by 4050Ok vs 3000Ok estimate (non-public stock got here in at 3640Ok)

The buiild didn’t have a dampening influence on the value nonetheless.

Crude oil futres price remains above a lower trend line

Wanting on the hourly chart, the value low stalled forward of a decrease development line and the value rise has taken the value above the 200 and 100 hour MAs at $52.36 and $53.07. The shut is simply above the 100 hour MA.  Keep above these MAs and the bulls stay extra in management.  

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