Off lows but still down 2.19% on the day
The price of crude oil tumble on supply concerns and negative technicals. The price is down -$0.97 or -2.19% to settle at $43.23.
The low extended to $42.75. The high reached $44.40.
Technically, the contract fell below support in the $44.00-$44.09 area. That was the 38.2% retracement. See chart above.
ON the hourly chart, the price stalled at the 100 hour MA yesterday and that helped to keep the bears more in control. The fall below the $44.00 increased the selling momentum today (see chart below).
