Late day rally sends the price to new session high
The price of WTI crude oil is settling at $56.77, up $0.55 or 0.98%.
The low reached to $55.74. The high – reached in the last couple hours of trading – extended up to $56.93. In the process, the contract extended above the 100 hour MA at $56.31. Earlier in the day, that MA was tested (and broken modestly) but quickly rotated back down.
The 38.2% retracement of the move down from last Monday’s high at $60.92 comes in at $57.09. That is the next target and another minimum hurdle, if the pair is to move higher.