The price of crude oil is trading a session most going into the settlement. The price just reached $78.21. That's down $0.74 on the day.
Looking at the daily chart, the price is moving to new lows for the week and new lows going back to March 13. It is also getting closer to its rising 100-day moving average currently at $77.99 (call $78. The price has not traded below its 100-day moving out since February 26. Just below that level is the 50% midpoint of the move up from the December low, to the April high. That level comes at $77.67.
Going forward, if the price can move back below the 100-day moving average and 50% retracement level that would increase the bearish bias.
Having said that, with the dual technical levels approaching, dip buyers may also look to the "stick a toe in the water" against the low risk defining area with a close stop on a break of the dual technical support targets.
The price of WTI crude oil futures just settled at $78.11, down $0.84 or 1.06%
