Looks toward 50% retracement at $62.40.
The price of crude oil has dipped below the $63.00 level to a fresh day low at $62.80.
The contract has key support near the $62.40 area. That level corresponds with the 50% of the move up from the March 29 low. THe low from April 26 reached $63.28 but bounced quickly. The low from April 29th stalled just ahead of the 50% level at $62.46.
At the high price today, the contract stalled against the falling 100 hour MA (blue line in the chart above). That MA remains topside resistance for traders. Yesterday the 200 hour MA (green line) stalled the rally helping to keep the sellers on the move lower, still in control.
