Crude oil breaks technical support and runs lower

Technical Analysis

Author: Greg Michalowski | crude-oil

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.  

Price breaks below its 100 and 200 hour moving averages on the way to the downside_

The fall to the downside has been help by some bearish technical breaks.  More specifically, the price fell below its:
  1. 100 hour moving average at $72.70
  2. 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.

For a look at the chart on TradingView CLICK HERE
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