Crude oil settles at $83.57

Crude oil is settling at $83.57. That’s up $0.76 or 0.92%.

Technically, looking at the price action on the hourly price below, like the USD, it too has been quite up and down volatile. Yesterday, the price found support against its 100-hour moving average (blue line). Today, the moving average was broken on its way to a low near $82 (low was at $81.99).

The subsequent bounce, now has the price breaking above its 200-hour moving average. That moving average stalled the rise both yesterday (on two separate occasions) and also earlier today. The 200-hour moving average comes in at $83.25.

Going forward if the 200-hour moving average can hold support the buyers can push higher with the 50% of the move down from the high currently at $84.19.

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