Tests 38.2% of the last move higher

Crude oil dipped below the $49.00 level (low reached $48.93). On the break, the 38.2% of the last move higher was broken at $48.99, but the price has snapped back to $49.15 area currently.

The price earlier fell below a floor on the hourly chart at the $49.71 area. That will now be eyed as resistance on a correction higher.