Crude oil is bouncing after testing its 200 hour moving average near $59.73. The low price reached $59.64 before bouncing back higher.
Staying above the 200 hour moving average keeps the buyers in play. Having said that, the price also remains below the falling 100 hour moving average currently at $60.86. If the buyers are to take more control they would need to get and stay above that moving average with the next target area between $61.45 and $61.94.
This article was written by Greg Michalowski at investinglive.com.
