Down over $1.20 after rally fizzles at 100 hour MA
The price of crude oil is trading at session lows, down over $1.20 on the day or -1.96% at $66.30.
The fall lower has been helped by the inability to extend above the 100 hour MA (blue line in the chart above). That took the winds out of the buyers sails. The low from Friday comes in at $66.14 is the next target.
Looking at the daily chart, the price last week moved below its 100 day MA (at $68.30 now). The price has been able to stay below that MA since that break. On the daily chart, the 200 day MA comes in at $64.20 (and moving higher). That will be a target on more weakness.
PS, the price has stumbled even lower and is now testing $66.00. The low just scooted to $65.94.
