US crude oil futures settled at $72.57, gaining $0.32 (+0.44%) on the day. Prices ranged between a low of $71.76 and a high of $73.10.
On the hourly chart, today’s low found support near the 200-hour moving average, reinforcing its importance as a key level for buyers in the short term. The 100-hour moving average at $71.59, also serves as a near-term support—staying above it keeps bullish momentum intact.
Key Technical Levels:
- Support: $71.76 (200-hour MA), $71.59 (100-hour MA)
- Resistance: $74.09 (38.2% retracement of January’s decline), $73.62 (February 11 high)
A move higher will target the swing high from Feb 11 at $73.62 as the next target. Above that level and the 38.2% at $74.09 would be targeted.
Holding above the 200-hour MA remains crucial for buyers to maintain control.