WTI crude futures were down $0.57, or 0.7%, at $78.96. The lowest price was $79.85. The low price rose to $77.35. Looking at the hourly chart above, price has traded between the last six hours bars above the 100 hourly moving average (blue line on the chart above) and the 200 moving average below (green line). After trading below the 100 hourly moving average, the 200 hourly moving average (green line currently at $77.39) was tested and found buyers. Over the past few hours, the price has moved back above the 100 hourly moving average, which is currently at $79.06. Also near the rising 100 hourly moving average is a 38.2% retracement of the trading range since its November 7 peak. The retracement level is $79.16. Going forward, buyers would have more control over the 100 hourly moving average and the 38.2% retracement. On the other hand, sellers would take more control if there is a break below the 200 hourly moving average of $77.39.