The price of WTI crude oil futures are settling the day down $3.01 or -3.72% at $77.94. The move lower reached a intraday low $76.85. That was close to the low from Tuesday's trade at $75.30. The closing level from the end of year 2021 was at $75.35.
Natural gas is meanwhile higher by $0.48 or 7.1% as colder weather is forecast plan the potential for a rail strike has the price moving higher.
Looking at the daily chart of the crude oil, the high prices off of the low from Tuesday stalled within a swing area going back to early September between $81.54 and $82.66. The high price yesterday reached $82.35. The high price today reached $81.94. The inability to get above that swing area gave the sellers conference to push back to the downside from a technical perspective (see chart below).
What now?
Move below the closing level from 2021 and $75.35 and staying below that level would be a bearish tilt.
