$96.25 Becomes First Test on the Way Higher

If buyers can retain control, the first key target zone begins with the recent high of $106.84 and rises to the lower swing high of $109.74. But beforehand, strength needs to be seen, first with a recovery above an interim lower swing high at $96.25, followed by the lower swing high of $100.43. In addition, the falling 20-day moving average is at $96.34 and will soon dip below $96.25. This means that a recovery of $96.25 will also put crude oil back above the 20-day moving average, which would signal strengthening short-term bullish momentum.