Crude oil breaks below hourly moving averages
The price of WTI crude oil is closing down $1.69 or -2.33% at $70.87. The high price reached $73.50. The low price extended to $70.63. The settle prices near the lows for the day.
Looking at the hourly chart, the price earlier today fell below the near converged 100 and 200 hour moving averages (those 2 moving averages crossed in trading today – blue and green lines). Moving below those moving average levels tilted the bias back to the downside. The 38.2% retracement of the move-up from the 2023 low comes in at $69.97 (called $70). That will be the next target on further downside momentum.
Brent crude futures settled at $74.98 down $1.43 or -1.87%.
