Crude oil futures settle at $79.72

Crude oil futures are settling at $79.72. That’s up to dollars and $0.16 or 2.78%. The price today reached $79.78. The low price was at $77.57.

The price today is moving away from it 200-day moving average at $77.99 and also its 38.2% retracement of the move down from the September 28 high. That retracement level comes in at $78.15 (see chart above).

The high price since the December 13 low extended up to $80.67. That will be the next target on more upside momentum. Above that, and traders will focus on the 50% midpoint of the move down from the September 28 high. That level comes in at $81.37.

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