Trades to a low of $55.15 so far
The price of crude oil is trading to a new session lows at $55.15. The futures high price traded up to $56.27 earlier in the day. The move targets the low price from 1 December $55.02 and another swing low from November at $54.76.
Yesterday the crude oil price fell below its 100 day moving average for the 1st time since early December. That moving average comes in at $57.24. The last falls below that moving average could not stand downside momentum. This move is making more headway to the downside on the break. Stay below the 100 day moving average and the 200 day moving average at $57.70 keeps the bears more in control from the daily chart perspective.
