Stays below a topside trendline near $69.91
The price of WTI crude oil futures is trading near the lows for the day at $67.97. The low for the day reach $67.56. The high extended up to $69.89.
At the hi, the price got close once again it 28 downward sloping trendline (see green numbered circles). That trendline currently cuts across at $69.91 and moving lower. Getting and staying above that trendline is important for a more bullish bias. The $70 level will also be a key hurdle to get to and through.
On the downside, the broken 38.2% retracement of the range since early July comes in at $67.56. That is near the swing low from Tuesday and again today (the low on Tuesday reached 0.6764. The low today reached 0.6756).
If the sellers are to take take more control getting back below the broken 38.2% retracement would be a step further into the bearish directional bias.
