Down -$1.95 or -3.19%
The price of Crude oil futures are settling at $59.20. The move below the $60 is the first time in 2018. The fall today was -$1.85 or -3.19%. The low extended to $58.07, while the high reached $60.77. In after hours, the price has moved back lower to $58.95.
Technically, the price today moved below a trend line on the daily chart (and raced away from that line - currently at $60.74). The sharp move this lower was helped by inventory build and today but more rigs in the US. The US is pumping away at the higher prices.
On continued weakness in the new week, the contract will approach a key technical level defined by the 100 day MA at $57.22 and the 38.2% of the move up from the June low at $57.26. The combination will be a key barometer for bulls and bears. A break below will look toward the 50% at $54.36. Bounce off the support and the under side of the broken trend line will be eyed for sellers. If they show up, the sellers remain in control.
The technical lines are defined. The sellers were in charge this week. What happens on a key test in the new week?
