Crude oil futures close lower but bounces off 50% retracement support

Technical Analysis

Author: Greg Michalowski | crude-oil-futures

WTI crude oil futures close at $36.17

The price of WTI crude oil futures are settling at$36.17. That is down $-1.22 or -3.26%

The low for the day reached $34.92. The high price was at $37.76.

WTI crude oil futures close at $36.17
Technically, the low for the day stalled just ahead of its 50% retracement of the move up from April at $34.82 (got within $0.10). Earlier in the day the price fell below the September and October lows between $36.93 and $37.11. It also fell below the 38.2% retracement of the same move higher at $37.06 (see chart above).

Concerns about global slowdown and increasing supply has hurt the fundamental perspective.from the high last week to the low today, the price move down some 16.5%. The high price was week was at $41.90.
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