Price breaks below its 100 and 200 hour moving averages on the way to the downside
The price of crude oil is currently down -$2.38 or -3.22% at $71.29.
The fall to the downside has been help by some bearish technical breaks. More specifically, the price fell below its:
- 100 hour moving average at $72.70
- 200 hour moving average at $71.76
The next targets come in at the :
- Swing low from July 27 at $71.06,
- The 38.2% retracement of the move up from the July 20 low cut across at $70.72,
- The swing low from July 26 at $70.55
The sellers are making a play and running the market in the process. However there is some key targets below that could give traders some cause for pause and lead to some profit-taking after the sharp declines. Be aware.