Crude oil trades near session lows and tests June, August, October 2019 lows

Technical Analysis

Author: Greg Michalowski | crude-oil

June and August lows reached $50.60 and $50.52. Key test.

The price of WTI crude oil futures is trading at session lows. The price just reached $50.57. That's down $2.82 on the day. 

June and August lows reached $50.60 and $50.52. Key test. 

It also takes the price back down toward the June/August lows at $50.60 and $50.52 respectively.  

Earlier this month, the price did crack below those levels and traded up and down with a low price of $49.31.  The price corrected up to a swing high of $54.50 on Thursday before fears from the coronavirus took the price back down.  

A move below the $50.52 level will target the $50 level and then the low at $49.31. 

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