The price of June crude oil futures are settling down -$0.13 or -0.21% at $62.56. The high price reached $63.17. The low price was at $62.19.
Looking at the hourly chart, the price on Monday moved back above its 100-hour moving average (the blue line on the chart above), and for most of the trading day, support buyers have been showing up against that moving average line – keeping the buyers in control from a technical perspective.
Going forward, it would take a move back below the 100-hour moving average and 200-hour moving average currently at $61.82, to increase the bearish bias.
This article was written by Greg Michalowski at www.forexlive.com.
