50% retracement at $41.71
WTI crude oil futures are skidding lower. They currently trade at $41.60 down $-1.31 or -3.05%. The price has move back below its 50% retracement at $41.71. The price has been trading above that dividing line over the last 7 or so trading days.
Although the price has tried to extend higher, it had trouble reaching its next key target. On the topside the contract could not extend above its 200 day moving average at $43.31 (green line in the chart above). The inability to get above that key technical level (it as not been above since February 20), could not tilt the bias more to the upside. Buyers turned to sellers.
The move to the downside and to new lows is running counter to the stocks which have been picking up the last few minutes of trading. The NASDAQ index is currently up 24 points or 0.22% at 11170.30. The S&P index is trading at session highs at 3369.27. That still down -5.5 points or -0.16%.
