Crude oil futures settle the week at $47.96

Technical Analysis

Close up $0.87 or 1.85%

The price of crude oil futures have settled the week at $47.96.  That is up $0.87 or 1.85%.  The high for the day reached $49.22.  The low extended to $46.65.

For the week, the high was today’s high at $49.22. The low for the week reached $44.35. Last week, the contract closed at $45.33 (see post here) .

Looking at the hourly chart, the price traded above and below the 100 and 200 hour MA at the start of the week.  In yesterday’s trading, the price stalled near those MAs and moved higher. The targets on the topside included the $48.00 level.  Above that the 50% of the move down from the December high came in at $48.46. That was broken as well.  

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