The August contract is trading down $0.33 or -0.46% at $72.78. It's high price reached $73.47. The low extended to $72.94.
Technically, the price is trading above and below a swing area between $72.79 and $72.96. The price action suggests the market is unsure of the next directional move. If the price does dip lower, the 100 hour moving average at seven the $71.93 and the 200 hour moving averages $71.50, would need to be broken and stay broken for the sellers to take more control from a technical perspective.
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