Technical Analysis

Crude oil futures move lower

Corrects about  38.2% of the 2-day move higher

The price of July crude oil contract has moved back below the $32 level. It currently is up

$2 at $31.52, but off the high price and $33.10.

Looking at the tick chart, the last hour or so has seen the price move to a $31.08. That was just above the 38.2% retracement of the 2-day trading range. 

Along the way to the downside, the price fell below a trendline, and that seemed to accelerate the move to the downside.  Getting back above that trend line will be eyed if the buyers are to keep control. A move below the 38.2% retracement, should solicit more downside probing.

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