Trades down to $62 and finds natural support buyers on the first test
The price of WTI crude oil futures are making new lows for the day, and in the process testing the $62 level. The low just reached $62 and is seeing a modest bounce back up toward $62.18
A break below the $62 level will have traders looking toward the May 21 low at $61.58. The 200 day moving averages at $60.66 and moving higher. The 38.2% retracement of the move up from the November 2020 low comes in at $60.42.