The price of crude oil is trading down $-2.20 or -3.12% at $68.20. That’s the lowest level since October 30.
The price reached a peak on Thursday at $72.84. That the price briefly above its 38.2% retracement of the move down from the July high at $72.59. However on Friday the price fell below its 100 hour moving average near $71.50 and in trading today, fell and stay below its 200 hour moving average at $70.52. It would take a move back above the 200 hour moving average to hurt the bearish bias.
On the downside, the price is approaching a swing low going back to October 18 at $68.13. Move below that level and traders will start to look toward a rising trendline near $68.10. The low price from October 29 comes near $66.69.
This article was written by Greg Michalowski at www.forexlive.com.
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