Technical Analysis

WTI crude oil falls extends to over $2 lower

Down -5.08%

The price of WTI crude oil futures continues to track lower. The number contract is currently down $2.08 or -5.08%  at $38.53.

The high price for the day reached $40.70. The low price extended to $38.41. 

Technically, the move to the downside saw increased selling pressure on the break of the 100 day moving average at $39.59 (blue line in the chart above). The price had remained above that moving average since September 15, including a number of successful tests of the moving average at day lows over the last 7 or 8 trading days.

The next target would be at the broken 38.2% retracement of the 2020 trading range. That comes in at $38.03. A move below that level, would target the September low at $36.58
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