Down -$0.44 or -0.87%
The price of Crude oil is settling below the $50 level for the first time since September 19th. The level is a natural technical level that could define bullish above and bearish below.
The move lower took the price back below the 61.8% of the 2017 trading range at $50.20 and also below the 38.2% retracement of the move up from the August low at $50.08 (not shown). That area - between $50.08 and $50.20 - is now a resistance area for shorts.
On the downside, the 200 day MA and a trend line from the Feb high cuts across at $49.55. The low today reached $49.76. A move below that dual support level should be more bearish for the pair.
