Crude oil settles at $59.75

[Forex News]

Crude oil futures are settling at $59.75 up $0.32 on the day. For the trading week, the price is down $-1.06 or -1.74%.

Technically, the price high on Monday extended above the falling 200 bar moving average on the 4-hour chart but found willing sellers against the low of the swing area at $61.45. The upper swing area codes between $61.45 and $61.94.

On the lower end this week, the price did fall below the 100 bar moving average after holding support against that moving average last week. The price also fell below the lower swing area between $59.64 and $60.17. However, the momentum lower could not be sustained.

Going into next week, the 2 swing areas remain the key support and resistance targets that traders will look to break and stay broken. Watch those levels for bias defining clues.

This article was written by Greg Michalowski at investinglive.com.

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