WTI crude oil futures settle at $78.76 | Forexlive

WTI crude oil futures settled at $78.76. That is up $0.89 or 1.14%.

Looking at the hourly chart, recall from last week’s trading, the price moved back within the gap created from the production cuts from OPEC+ at the end of March. That gap came between $75.70 and $79 (yellow area in the chart above).

The low price last week reached the $76.72. That was the low price today as well. The high price of today reached up to $79.18 – just above the $79 gap level before rotating back to the downside.

Today, the price also moved back above the 100 hour moving average at $78.55. With the push higher over the last few hours, the price has now moved above that moving average level.

Going forward if the price can stay above the 100 hour moving average, the worst of the correction may be over for now. Conversely, if sellers can now push below the moving average, they will disregard the move back above the $79 level and instead focus on the downside once again.

Buyers at last week’s lows made a play. They also making another statement by moving above the 100 hour moving average. Can the upside momentum continue? If so a move back toward the 200 hourly average currently at $80.38 (blue line in the chart above) would be the next major target.