Down $1.09 or 2.11%
The price of crude oil is settling at $50.58 today. That is down $1.09 or 2.11%.
The high today reached $51.71.
The low today reached $50.07
Technically, the contract fell below the 200 hour MA (green line) and scooted lower. The fall tumbled to the 38.2% of the move up from the end of August low (at 50.08). The price bounced from that level. We trade between the 200 hour MA at $51.26 and the 38.2% retracement at $50.08.
The break of the 100 hour MA (blue line) on Thursday last week and the holding under that MA on Friday turned the bias a little bearish. The fall today, below the 200 hour MA (green line) opened the door for further selling.
If the move is corrective (not a change in trend), look for more support near the $50 level. It makes sense from the natural support and the retracement support. Dip buyer will still need to see that 200 hour MA re-broken above. That will be the clues to eye going forward to judge the sentiment.
