The crude oil contract settled the day at $85.87, down -$3.09 from the Friday settled level at $88.96. The selling has continued in after hours trading the price trading to a new low at $85.26. The current price is at $85.33.
Looking at the hourly chart, the price remains above the low from last week at $84.70. Connecting recent lows has a target at $85.15. The 50% of the range since the September 26 low cuts across at $84.98. All are downside targets on more selling momentum.
Conversely hold support and another snap back rally would be in the cards as sellers turn back to buyers on the support area holding.
Key dip. We will see if the sellers can keep the momentum going? Or if the dip buyers can hold support again.