Dopwn -$0.29 on the day.
The price crude oil futures are settling at $63.76. That is down $-.29 on the day.
The high price reached $64.61, while the low extended to $63.66.
Technically, the price high today fell just short of the high from last Friday at $64.65 and the highs from April 9th at the $64.79 area. The price got close, but sellers seemed to be happy to lean against the levels. The buyers turned to sellers.
The fall down (the contract is trading near the day lows) has just cracked below the converged 100 and 200 hour MAs at $63.82/83. That tilts the bias a little more to the downside (1. can't make new highs and 2. below the 100 and 200 hour MAs).
Is it full steam ahead to the downside?
It is a start, but not necessarily a full out bearish market.
The price has been dreading work the upset since March 28. There is also some additional support at the $62.99 level (call it $63). The contract is also still above its 38.2% retracement of the move up from the 28th March low (at $62.27).
So...yes...stay below $63.83 is more bearish but there is more work to be done.
