Crude oil trading marginally higher to start the trading week. Tests key hourly MA.

Crude oil is trading up around $0.26 or 0.36% that $75.16. The rise comes after increased tensions in the Middle East.

Technically, looking at the hourly chart the 200 hour moving average comes in at $75.20 (green line on the chart above). Getting and staying above that level would have traders targeting the 50% of the move down at $75.77. Key level for the buyers and the sellers to start the new trading week.

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