Down $-3.09 or -4.93%
The price of crude oil had a rough day today and is closing below the $60 level at $59.61. Not only did the geopolitical fear from the Mideast fizzle, but inventory data showed a surprise build. Add to that comments from Pres. Trump that the US was energy self-sufficient and it's no wonder the price tumbled today.
Before heading lower, the high price did trade at the highest level since the end of April. That price reached $65.65 soon after the Iran bombing, but the gains started to unravel soon thereafter.
The low level extended to $59.15.
The move lower took the price below the 38.2% retracement of the move up from October at $60.05 along with the natural $60 level.
The next downside target comes at the 50% retracement at $58.32, followed by the 200 day moving average at $57.87 and the 100 day moving average at $56.97.
A move back above the $60 with momentum is the minimum hurdle for dip buyers now. Stay below keeps the bears firmly in control.
