100 day MA and trend line in play as key support
The price of crude oil is down -$1.56 currently at $66.32. The low reached $65.80. That low got fairly close to some key support defined by a trend line (at $65.52). Below that is the 100 day MA at $65.11.
The price has not traded below the 100 day MA since September 2017. A move below would be more bearish.
The price of oil started to move lower last week on the back of higher inventory and expectations that OPEC would increase supplies at the June meeting. That stopped the momentum and the price has moved down from a high of $72.83 to the low today.
Now we get to some key technical support and we will see if the buyers slow the fall against the risk defining levels.
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