Crude oil futures stretch toward $90 a barrel

The price of crude oil has continued its sharp move to the upside. The current price is trading at $88.74. For the trading day versus the settle price from yesterday at $81.01:Price change: $88.74 − $81.01 = +$7.73Percent gain: (7.73 ÷ 81.01) × 100 = +9.54%The high price extended to $89.62 just short of the $90 level. For the trading week, the price is currently up 32% that’s the largest increase going back to 2020. The price today extended above the high price from April 2024 which reached $87.60. The low for the year was reached on January 7 at $55.76. Trump started his 2nd term in January 2025 when the price was at $76.24. The low price for 2025 reached down to $54.98 in 2025 there were 5 separate lows reached between $54.98 and $55.96.Looking at the weekly chart, the next major target would be the 50% midpoint of the move down from the 2022 my price. That level comes in at $92.20.Above that, and traders will look toward the 2023 high price near $95.If sellers are looking for hope, it comes from the rejection above the topside channel trendline on the shorter-term 5-minute chart (see chart below). The latest spike higher pushed the price briefly above that channel resistance near $89.70, which also coincided with a recent swing high. However, the move could not sustain momentum above that level and quickly rotated back lower.As long as the price remains below the $89.70 area, that failed breakout keeps the door open for sellers. The next step for the bearish case would be a move below the lower channel trendline, followed by a break of the 38.2%–50% retracement zone of the most recent leg higher between $87.29 and $87.84. A move through that area would signal that sellers are gaining traction and could shift the short-term bias more clearly to the downside. However, the price would need to stay below the rising lower trendline.
This article was written by Greg Michalowski at investinglive.com.

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