Crude oil
The price of crude oil is trading in the most settled session. The price just reached $78.21. This decreased by $0.74 per day.
Looking at the daily chart, the price is moving to new lows during the week and new lows dating back to March 13th. It is also approaching its bullish 100-day moving average currently at $77.99 (call $78. The price has not traded below its 100-day move since February 26. Just below this level is the 50% midpoint of the move up from the low of December, to the April high, which comes in at $77.67.
In the future, if the price can return below the 100-day moving average and the 50% retracement level, that would increase the bearish bias.
However, with double technical levels approaching, dip buyers may also look to “stay in the water” against the lower risk identification zone with a nearby stop on a breakout of the double technical support targets.
WTI futures settled at $78.11, down $0.84, or 1.06%.