Largest intraday loss since December
The selling continues in crude oil futures. The April contract as trading down down -5% at the lows at$61.26. The current price is trading down -$3.18 or -4.92% at $61.42.
Looking at the hourly chart, the price has now moved below the 38.2% retracement of the move up from the February 1 swing low at $61.70. Stay below is now close risk for shorts.
The 50% retracement of the same move comes in at $59.76. The swing low from March 4 comes in at $60.52. Those are targets on further weakness.