The price of crude oil moved down to test the swing low from March 15 at $93.53. The low price just reached $93.81 and is seeing a bounce back higher. The current price is trading around $95.20 that still down around one dollar on the day or -1.03%.
Looking at the hourly chart, the price high today stalled near a swing area around $98.44. The price did extend up to $98.82 but quickly reversed back down.
Going back further in time, back on March 30, the price tested the 200 hour moving average and 100 hour moving average and found sellers. More recent swing highs have found sellers early against that MA level (see green line). That kept a more bearish bias for the oil contract.
With support holding against $93.53 and resistance near $98.44 those low and high levels will now be the support and resistance targets for crude oil contract.
Should the price extend above the $98.44 level with more momentum, the falling 100 hour moving average currently at $100.69 would be the next target.
Conversely a move below the $93.53 level would open the door for further downside momentum. The rising 100 day moving average is down at $87.83. That would be the next major downside target off the daily chart.
