WTI, with all its attributes today and week, settles at $70.04. The price fell – $0.83 or -1.17%. The low price is $69.93. The highest price reached $71.78.
For the trading week, Crude Oil prices fell by $1.28, or -1.79%. This is the fourth week in a row. From the swing peak during the week of April 10 to settlement today, the price has fallen by about -16.25% (the high price during the week of April 10 was $83.53).
For the trading year, the price has fallen by around -12.87% (year-end level was at $80.26).
Looking at the hourly chart, this week’s high reached $73.89 on Wednesday. On Thursday, the price fell below the 100 and 200 hourly moving averages. In today’s trading, the corrective rally briefly rose above the 200 hourly moving average but quickly reversed. The price drop tested the 38.2% retracement of the move up from the comprehensive low from behind on May 3rd. This level came near the $70 level.
Staying below the 200 hourly moving average makes the sellers more in control. A break below the 38.2% retracement would open the door for a rush towards the 50% midpoint at $68.77.
Crude Oil remains below the 200 hourly moving average