WTI crude oil now up over $1.00 on the day

Technical Analysis

Trades to a new cycle high

The price of WTI crude oil futures is trading up over one dollar on the day or 1.45% at $71.90. The high price of just extended to $72.02. That is a new cycle high and the highest level since October 2018. 

Looking at the hourly chart below, the price is trading within a upward sloping channel. The lower channel trendline currently comes in at $71.07. Below that is the rising 100 hour moving average at $70.58. Ultimately if the price stays above those technical levels, the bias is still to the upside. A move below is needed to hurt the bullish bias. 

Last week on Thursday, the price tested its 200 hour moving average and found willing buyers. It also then found support against its 100 hour moving average on Friday before moving higher. Bullish.