WTI crude oil futures trade to the highest level since April

<p>WTI crude oil futures are trading higher by about $0.84 or 0.99% at $81.40. The high price today has reached $81.72. That took the price to the highest level since April 17.</p><p>Looking at the daily chart, the price moved above its 200-day moving average last Monday (July 24). Since then, the price has continued its march to the upside with 4 of the last 5 days higher. The price is also working on its 7th day to the upside out of the last 8 trading days.</p><p>Continued momentum is targeting a KEY swing ceiling area going back to November 18 (see yellow area and red numbered circles). </p><p>Looking at the daily chart there are a number of swing highs between $82.48 and $83.44 over that time period, with the last highs within that area from April 12 to April 17. </p><p>That ceiling area is a key target and will be a key barometer for both buyers and sellers. Moving above the area would be more bullish. Staying below would keep the ceiling in place.</p><p>On the downside, watch the $79.00 for short-term clues. Move below that level (see green numbered circles on the chart above), and there could be a further corrective move toward the 200-day MA</p><p>WTI is having its best month since January 2022 (up 15.23%). The buyers are in control, but be aware of the key resistance above. </p>

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