Technical Analysis

Crude oil is near the topside trend line on the daily chart

WTI crude futures are up for the 3rd straight week after squeezing above the closing level from last week at $109.72. Today the price settled at $110.49. That is up $4.36 or 4.11% on the day. For the week the prices up $0.77 after dipping as low as $98.20 and trading as high as $110.64.

Looking at the daily chart above, the price is trading right around and a downward sloping topside trend line (give or take a few cents). The price did inch above that level level at the high today. The trendline will be a key barometer going into the trading week next week. Move above would be more bullish. Stay below, and we could see a rotation back to the downside.

At the low this week from Wednesday’s trade, the price tested the lower trend line and bounced.

So for the week, the trend lines on the daily chart have been instrumental in up and down week. The price is closing near the topside trend line which gives the buyers the better feeling. However, if that resistance holds, the “ups and downs”, may reenter a “down” bias next week.

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