The price of WTI crude oil futures had a volatile up and down session today. The initial move was to the upside and saw the price move up to a high near $114.88. That tested the broken 38.2% retracement level near $115.05. The price also stayed below a swing levels between $115.54 and $116.57 (see red numbered circles and yellow area on the chart above).
The fall back to the downside took the pair back below its 200 hour moving average currently at $111.94 and down toward swing low levels between $105.418 and 107.50. The settle price is between those levels (see green numbered circles)
The bookends are wide apart (from $105.42 to $116.57 on the wide), but the volatility of late (and today) supports those extremes.
What traders will be doing is watching the extremes and looking for a break (higher or lower). The price is nearer the low extreme but it could be that buyers lean (with stops below 105.18) and hopes for a move above $107.50 and then then the 50% of the recent move higher at $110.28. Conversely a break below $105.15 and the $100.00 level would be the next major target.
