US crude oil futures settle at $78.62

The price of crude oil futures settled at $78.62. That is up $0.12 or 0.15%.

The high for the day reached $78.85. The low for the day was at $77.69.

Looking at the hourly chart, the low price today stayed above its rising 100-hour moving average at $77.48. If that moving average can hold support going forward, the upside remains in play with resistance at $80. That $80 level – in addition to being a natural resistance target – is also home to the 50% midpoint of the move down from the April high (at $80.01 – see chart above).

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