WTI crude oil futures dropped below $35. Down over 6% on the day

Technical Analysis

Author: Greg Michalowski | crude-oil

Trade the lowest level since June

The price of WTI crude oil futures has dropped below the $35 level and trades at the lowest level since June. The low price has extended to $34.92.  The next target comes in at the 50% retracement of the 2020 trading range at $34.82.

The price yesterday stalled near the 38.2% retracement, and swing lows from September and earlier October. Today that area was broken (the range was between $36.93 and $37.11) and selling intensified (see post from yesterday here).  
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