Crude oil futures is settling the day at $82.85. That’s up $2.09 or 2.59%.
Yesterday, the price fell below its 100-day moving average currently at $80.61, but closed back above the moving average level. Today the price did drift back below the moving average to a low of $80.45, but reversed, and is closing near the high for the day at $82.90.
On the topside, the downward sloping trendline cuts across near $84. Getting above that level and the high price from July at $84.52 are the next upside targets on further momentum higher.
This article was written by Greg Michalowski at www.forexlive.com.
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