US crude oil futures settle at $60.42 up $0.58 or 0.97%

Technical Analysis

Author: Greg Michalowski | crude-oil

First close above $60 since mid-2015

The price of crude oil futures are settling the day and the year at $60.42. That is up $.58 or 0.97%.  The high today reached $60.51 while the low fell to $59.82.

The price of crude oil increased by more than 12% in 2017.  

Technically, the contract moved above a ceiling area at $55 in earlyNovember and apart from a couple days when the price dipped slightly below that level, the price remained above that old ceiling. That will be a risk level for longs into the new year.  

On the topside the $62.58 level is the high going back to 2015.  I would expect sellers near that level on the first test at least (with stops on a break above).