Down over $2.30.
The price of WTI crude oil futures have continued the sharp move to the downside. The low just reached $62.14. The current price is trading at $62.33 down $2.27 or -3.51%.
Technically, the high price today at $64.82 stalled ahead of the 100 and 200 hour moving averages. Those moving averages are currently at $64.95 and $65.05. The last three days have been able to stay below the higher moving average, tilting the technical bias more to the downside.
The next target comes in at the swing highs from March 3 and March near the $62 level (at $61.96). Below that, the 30.2% retracement of the move up from the February 1 swing low, cuts across at $61.70.
On the topside, the swing low from March 10 at $63.13 is now close risk for shorts looking for more downside. Stay below, keeps the sellers more in control in the short term.
