The price of WTI crude oil futures are settling at $70.94. That is down $1.42 from its settled price yesterday at $72.36, or -1.96%. Concerns about the omicron variant, its impact on travel and the global economy is the cause for concern.
Looking at the hourly chart, the price has continued to move lower after the settlement, and trades at $70.55. That is just above the rising 100 hour moving average at $70.52. A move below that moving average will have traders looking toward the 200 hour moving average at $69.30.
The corrective move off the low moved to - and through - the 38.2% retracement of the move down from the end of October high to the beginning of December low at $71.14.
However the price did stall ahead of its 50% midpoint of that same range at $73.85. The current price is trading back below the 38.2% retracement now. That level will be eyed as close resistance now.
