The price of WTI crude futures are settling sharply lower. The settled price closed down $-4 or -5.29% at $71.66. Concerned about banks are foreshadowing a slower up growth.
The decline of -5.29% is the largest daily decline since January 4 when the price fell -5.32%. On March 15 the price fell -5.22%.
Looking at the hourly chart above, the move lower today cracked below the 50% midpoint of the move up from the March 20 low at $73.94. The price had been finding support against that midpoint level with the level being tested on April 26, April 27 and again on April 28. With the selling into the settlement, the price also moved below the 61.8% retracement of the same move higher at $71.68. The low price today has reached $71.42.
It would take a move back above the 50% midpoint at $73.94 to give the buyers some had the confidence. Sellers are more control.
