Crude oil futures were trading at $73.96, up $0.83 or 1.13%. The settlement price is the highest since October 11. Cold weather and support for Chinese politics are cited as reasons for today’s gains and for the week’s trading. This week the price is up $4.13 or 5.5%.

Looking at the daily chart, the price has bounced back above its 100-day moving average at $70.68 earlier this week. The price also moved above the trend line connecting the highs of July 5 and October 8. On the other hand, the 200-day moving average remains as a target at $75.38. Back on October 8, the price broke above that moving average, but could not sustain the momentum and returned to the lows for the year (the low was subsequently reached on November 18 at $66.59).

Going forward and into next week, a move back above that 200-day moving average and staying above it would be a bullish technical development.