WTI crude futures settle at $89.63

<p>The price of WTI crude futures are settling at $89.63. That's down $0.03 or -0.03%.</p><p>Technically looking at the hourly chart above, the price settlement is just above its 200-hour moving average at $89.57, and below its 100-hour moving average at $90.30. That puts the price in a neutral area. Buyers and sellers are battling it out between the moving average levels. It would take a move outside of the moving averages to tilt the bias more in favor of the buyers or sellers in the short term. </p><p>Of note, however, is that the low price today stalled against the high of a swing area between $88.08 and $88.39. The inability to move below that level (see yellow area and read number circles), gives the buyers more of a tilt advantage. The sellers had their shot after the strong rally. However, they could only get down to the previous swing area resistance/support (at the yellow area).</p><p>Nevertheless, if the 200-hour moving average can be broken at $89.57, there could be further downside momentum with the 38.2% retracement of the move up from the April 23 low at $86.77. If the price cannot get below the 38.2% retracement, the sellers are not winning in the longer term. That level will be a key level if the price starts to move back to the downside.</p>

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