Down $0.94 or -1.36%
The price of WTI crude oil futures are settling at $68.35. That’s down $0.94 or -1.36%.
The high for the day reach $69.48. The low extended to $67.64. The price today stayed below a swing area between $69.48 and $69.64 (see green numbered circles). The inability to extend higher, gave the sellers the go-ahead to push lower. That move took the price below the 100 and 200 hour moving average at $69 and $68.73 respectively (blue and green lines).
If the buyers are to take more control, getting above the 200 hour moving average would be a minimum technical requirement.
If that cannot be done, the next key downside target area comes in between $66.92 and $67.13 (see red numbered circles) the last six swing lows going back to August 26 (see red circles numbered six through 11) all bottomed within that swing area. If the sellers are to take more control, getting and staying below that swing area would be a key hurdle.
Leave a Reply