The price of WTI crude oil futures are settling at $80.13. That's down -$1.49 or -1.83%
The high for the day reached $82.22. The low extended to $79.66.
Looking at the hourly chart, the settlement price is just below the 200 hour moving average at $80.15. The price in the last hour of trading had moved below that level. It will remain a barometer for buyers and sellers. Stay below is more bearish. Move above and above the higher 100 hour moving average (blue line) at $80.94, and they bias in the short term tilts back to the upside.
The high price yesterday reached the high price from last week near $82.66. The double top neutralize the market a bit. Moving below the 100 hour moving average with momentum in the New York session today, has given the traders an extra reason to probe more to the downside. The next target on the downside would come at $78.76 which is where the 38.2% retracement of the move up from the January 5 low.
Natural gas was the big loser today as it fell close to -$0.21 or -6.03% to $3.24.
