US crude oil futures settle at $89.23

<p>The price of WTI crude oil futures are settling at $89.23. That's up $0.41 or 0.46%. The low for the day reached $87.76. The high was at $90.27.</p><p>Technically, looking at the hourly chart, the low today fell below a swing area between $88.07 and $88.37. Momentum could not be sustained and after moving back above the swing area, the price retested the area (see red numbered circle 8) before moving sharply to the upside. </p><p>The high price today did fall short of an old broken trendline and also short of the 200-hour moving average at $90.68. If the buyers are to take more control, getting above the 200-hour moving average and 100-hour moving average at $91.31 would be required.</p><p>Sellers today had their shot below the swing area. They missed. Buyers that the price back toward moving average resistance but fell short. The prices trading between those support (at $88.07) and resistance targets (at $90.68). Buyers and sellers are battling it out between those levels.</p>

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