Crude oil settles at $85.23

The price of the WTI crude oil futures are settling at $85.23. That is down $1.20 or -1.39%.

The high price for the day reached $86.94. The low price was at $85.11. The price is closing near the session lows.

Looking at the hourly chart above, the price is approaching its rising 200-hour moving average at $84.67. The price last traded below that moving average back on March 27 (near $81.40 at the time). That level also corresponds with swing lows from April 4 and April 8th.

A move below that level, and the 38.2% of the move up from the March low at $83.45 would be targeted. .

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