Technical Analysis

Crude oil futures settle the week at $51.59

Close is down $1 or 1.9%

The price of crude oil futures of so the week at $51.59. That is down $1 or 1.9%.  The high for the day reached $53.31. The low extended to $51.18.

For the week, the  high price was reached at 8 $53.31 before coming off into the close. THe  low for the week was on Monday at $48.34.  Last week, the contract closed at $47.96.

Looking at the hourly chart above, the -today tested the swing high going back to  December 14 at  $53.27 (the high reached  $53.31). The  inability to extend above that swing high help to send the price back to the downside.  The pair is still closing just above the rising 100 hour MA at $50.91.   That level will be a barometer for the bulls and bears next week.

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