The price of WTI crude oil futures are sharply lower and in the process has broken below its 200 are moving average at $79.52. However there is additional support between $79.07 and $79.24 (swing area and also the 38.2% retracement of the move-up from the July 17 low).

What next and why?

The video will review the technicals and play and explain why.

Crude oil
Crude oil trades above and below the 200 hour moving average