Crude oil had a volatile run of it today. The price moved down sharply early in session on the back of hopes for a Ukraine/Russia cease-fire. There were some conflicting reports about the peace prospects which subsequently took some of the steam out of that idea.
The price is settling at $104.24. That is down $-1.72 or -1.62%. The low for the day reached $98.44. That was the lowest level since March 17, but comfortably above the March low at $93.53 back on March 15.
The high was up at $107.84. The settle price is near the middle of the range (although closer to the highs).
Technically looking at the hourly chart, the high price today did stall against its 200 hour moving average currently at $108.12. The inability to move above that level increases the moving averages and importance going forward. Stay below keeps the sellers in play.
On the downside, there is some disappointment in not been able to stay below the $100 level. Back on March 15 and March 16, the price traded below the $100 level but could not sustain the momentum. The price moved back above the $100 level on March 17 and moved up to a high of $116.55 before rotating back to the downside of the last few days.
Going forward if the price can rotate back below the $100 without moving above the 200 hour MA, the selling might intensify.
