Technical Analysis

US crude oil futures settle at $63.27

Up $0.22 or 0.35%

The price of crude oil futures are settling at $63.27. That is up $0.22 or 0.35%.  The price did dip into the negative territory down to $62.81 (the price closed on Friday at $63.04) in the New York session as stocks rebounded, and fear from the Middle East subsided. However, the price has rebounded a bit into the close. Risks still remain for geopolitical issues out of the Middle East. Buyers remain more in control.   

Where would the bias shift?

Looking at the hourly chart above, the correction off the high stalled ahead of the 50% retracement at $62.68. Below that is the rising 100 hour moving average currently at $62.26. Moves below each of those levels would shift the bias more to the downside. Those are the risk levels for longs now. 


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