Crude oil futures move toward the September/October lows

Technical Analysis

Author: Greg Michalowski | crude-oil

September low reached $37.11. The October low extended to $36.93

the price of crude oil futures moved toward its September October lows. In September the low price from September 8 and September 9 reached $37.11. The October 2 low reached $36.93. The low price today has reached $37.11. Also in play is the 38.2% retracement of the move up from the April low which cuts across at $37.06.

September low reached $37.11. The October low extended to $36.93_
So key support between $36.93 and $37.11 is being tested in the December crude oil futures contract. So far traders are leaning.

A move below is likely to trigger stops. The next target would come in at the June low which reached $35.72. The 50% retracement of the move up from April is below that at $34.82.

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