Crude oil futures are settling at $59.09. That’s up $1.96 or 3.43%.
On the hourly chart, today’s rally stalled at $59.79—just shy of the falling 200-hour moving average at $60.01 and the 50% retracement of the April 23 to May 4 decline at $60.08. A break above both those levels is needed to strengthen the bullish bias.
On the downside, the price is hovering near the broken 38.2% retracement at $58.96. A move back below that level would open the door for further downside probing, with the 100-hour moving average at $58.06 as the next target for sellers.
This article was written by Greg Michalowski at www.forexlive.com.
