Crude oil settles at $71.23. A close below the 200 week MA is avoided.

<p>The price of WTI crude oil futures are settling the week at $71.23. That's up $1.89 or 2.73%. Monday, Tuesday and Wednesday saw the price tumble from Friday's close of $74.07 to a low-price reached yesterday (before rebounding) at $68.80. The rebound today retraced some of the declines. However, for the week, the price is still down -2.58%.</p><p>Although sharply lower, there is some hope for the buyers. Technically looking at the weekly chart above, the price fell below its 200-week moving average for the first time since early May at $70.31 during yesterday's fall. Today the price has rebounded back above that long term moving average. Closing back above the MA gives dip buyers some hope. Moreover, it is now a level that traders can once again lean against in trading going forward. As long as the price remains above, there is hope for further upside corrective probing. </p><p>Drilling to the hourly chart below, the rise today stalled near its 100-hour moving average. For dip buyers, if the price can get and stay above the 100-day moving average, the hope for more corrective price probing toward $72.63 (swing area), $72.93 (38.2% retracement) and the falling 200-hour moving average (at $73.81) are the next upside targets.</p><p>Note: If the price were to close below the 200-week moving average it would have been the first close below that moving average since January 2021. Although the price fell below the 200-week moving average in March and again in May, it could not close below that moving average level</p>

This article was written by Greg Michalowski at www.forexlive.com.