WTI crude oil futures tested a cluster of support near $71
WTI crude oil futures are settling higher on the day. The prices settled at $72.53, up $0.79 or 1.10%. The high price reached $73.19. The low price was at $71.01.
Looking at the hourly chart, at session lows, the price was dipping just below the rising 100-hour moving average and the 200-hour moving average (blue and green lines in the chart above). It was also dipping below the 38.2% retracement of the move down from the April 12 high to the May 4 low. That level came in at $71.13.
The inability to find momentum below those moving averages and retracement level gave buyers the go-ahead to push back to the upside.