Crude oil stalls at ceiling area
Today, the WTI crude futures are closing at $72.91, marking an increase of $0.86 or 1.19%. The commodity hit a high of $73.76 and a low of $71.71. When examining the hourly chart, the peak price encountered resistance within the range of $73.50 and $73.89, identified as a key swing area (highlighted by red numbered circles in the chart).
The day’s low price briefly breached the 100-hour moving average (depicted by the blue line in the chart) but managed to maintain support above the 200-hour moving average at $71.61 (indicated by the green line).
In terms of future direction, a move above the swing range of $73.89 would strengthen the bullish sentiment. Conversely, a shift below both the 100 and 200-hour moving averages would suggest a greater bearish inclination.