The low on the day for WTI crude oil is $100.09 but buyers ahead of the psychological support level have bid it back to $100.45.
The fundamental reasoning is positive rhetoric on negotiations with Iran and rising stockpiles in Cushing.
I have been short oil for awhile and added to it yesterday but took some profit today. What’s next for me depends on what kind of bounce we see from $100. If the bulls can rally and push back above $102.50, it will be time to get out of town. But if the bounce starts to sputter around $101 it could be a quick trip down below $95.
Oil with 200dma
If crude does break below $100, look for some support at the convergence of the 200dma and the June high.