The price of WTI crude oil futures settle down $7.94 or 6.97% at $105.96. The high price reached $112.93 while the low extended to $104.50 in volatile trading.
Looking at the hourly chart, the low price, did extend below the midpoint of the move up from the March 15 low at $105.02. The low comes in at $104.50, but rebounded back to the upside and briefly crossed back above its 200 hour moving average in the process (green line). The last few hours has seen you took down toward the $106 level.
Going forward it would take a move back below the $105 level/50% retracement to increase the bearish bias. Conversely a move back above the 200 hour moving average would give the buyers more control.
