The price of crude oil has tumbled below the $100 a barrel level and currently trades at $98.77 and falling. Hopes for peace have pushed the price sharply lower over the last hour to. The high price for the day reached $107.81 before pushing back to the downside.
Looking at the hourly chart, the high price did stall near the 38.2% retracement of the move up from the March 15 swing low down at $93.56. The subsequent high to price all the way up to $116.61. The 38.2% retracement of that move comes in at $107.73. Also near the high was the 200 hour moving average at $108.24. Finding sellers near those technical levels kept the sellers more in control. Of course the news helped to reverse the trend.
Watch the $99.19 level (see red numbered circles close paren. That level was home to swing highs after reaching the March low of $93.51 on March 15. On March 17, the price moved back above that level, based and pushed higher.
Moving below that level puts the price in the lower extreme from the month of March.