Crude oil futures settle at $73.16

The price of crude oil is settling at $73.16, which is up $0.63 or 0.87%. The high for the day reached $75.16. The low was at $72.05.

Technically, the price at session lows has been finding support at the 61.8% of the move up from the mid_December low. The price tested that level 3 separate times and each time bounced.

The move higher did extend above the 200 hour MA (green line) currently at $73.91, but each of those breaks failed.

The current price is just below the 100-hour MA at $73.20 (blue line on the chart below). The 200 hour MA is at $73.91. Getting above both is needed to increase the bullish bias today and going forward. Staying below would be more bearish technically.

This article was written by Greg Michalowski at www.forexlive.com.