Crude oil settles and $68.59

Crude oil futures are settling at $68.59. That is up $0.22 or 0.32%. The high price for the day extended to $69.02. The low price was at $67.74. Looking at the hourly chart, the price tried to stay below its 100-hour moving average (blue line on the chart below), but pushed higher in the US session extending above the 200-hour moving average as well at $68.57. The price is settling the day just above that moving average level.

Going forward, both the 100-hour MA and the 200 hour MA will remain as key barometers for the buyers and sellers. Stay above is more bullish. Move below is more bearish.

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