Crude oil on the hourly chart
The price of crude oil futures are settling at $112.34. That's down $2.59 or 2.25%.
The low price reached $111.65. The high price reached $116.64.
Looking at the hourly chart, the high price yesterday peaked near the 61.8% of the move down by the March 4th high at $116.38 (the high reached $116.55) before rotating lower. The price has moved today down toward the 50% midpoint of the same move lower at $112.02 (low $111.65).
Move below the 50% and the rising 100 hour MA is at $110.10 will be eyed going forward.
For now the price is off the 61.8% but the bias is still to the upside especially if the price can stay above the 50% level.