WTI crude futures are up for the third week in a row after rising above last week’s close at $109.72. Today, the price settled at $110.49. That’s up $4.36 or 4.11% on the day. For the week, prices rose $0.77 after falling to $98.20 and trading at $110.64.
Looking at the daily chart above, the price is trading around and a downward sloping bullish trend line (plus or minus a few cents). The price has slightly exceeded this level at today’s high. The trendline will be a key barometer for the trading week next week. Moving above would be more bullish. Stay below, and we might see a downward rotation.
At this week’s low since Wednesday’s trading, price tested the lower trendline and rebounded.
So for the week, the trend lines on the daily chart played a key role in the week’s highs and lows. The price closes near the upper trendline, which gives buyers a better feeling. However, if this resistance holds, the “highs and lows” may re-enter a “low” bias next week.