Tests support targets
The price of crude oil is trading down -$1.10 to $60.68. That move has the price trading below a trend line at $61.48, below the 50 day MA at $61.00 but above a lower trend line at $60.39. A move below that lower trend line would open up the downside to more downside pressure at least from a technical perspective.
Where can it go?
The 100 day MA is down at $57.13 and moving higher. That level is also near the 38.2% of the move up from the June 2017 low. The combination will make that level a key target on continued weakness.
For now, however, the contract is staying above the lower support target. So there is a bearish bias, but just a little more work needs to be done to kick in more selling potential.
The
