December 8, 2022

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WTI crude oil futures are trading up $1.75 or 2.44%

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Trades to a new cycle high

The WTI crude oil futures are now trading up $1.75 or 2.44% at $73.39 (high at $72.40). The move to the upside has now taken out the high from last week at $72.96 to make a new cycle high going back to October 10th 2018.

Trades to a new cycle high

Close risk is now at the high from last week at $72.96 for intraday traders.

Of note technically, is that the fall from last week’s high did extend below its 200 day moving average on Thursday and Friday, but rebounded into the close on Friday. The corrective low today reached $71.15. That was just above its rising 200 day moving average at $71.12. Holding above the 200 hour moving average give the buyers confidence to push higher and they have over the last 3/4 trading hours.
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