Crude oil futures settles at $59.09 ...Middle East

On the hourly chart, today’s rally stalled at $59.79—just shy of the falling 200-hour moving average at $60.01 and the 50% retracement of the April 23 to May 4 decline at $60.08. A break above both those levels is needed to strengthen the bullish bias.

On the downside, the price is hovering near the broken 38.2% retracement at $58.96. A move back below that level would open the door for further downside probing, with the 100-hour moving average at $58.06 as the next target for sellers.

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

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