Crude oil continues to stall against the swing area
The price of WTI crude futures are settling at $83.21. That is down $-2.18 or -2.55% on the day. Lower stocks are starting to weigh more on crude oil from a potential decline in demand as expectations for consumers slow their purchases after the go-go third-quarter which saw GDP advance by 4.9%.
Technically, the low price today reached $82.62. That remains within the lower swing area between $82.35 and $83.32. A break below $82.35 should open up the door for a run toward the 100-day moving average at $80.85 over time.
Conversely, if buyers do hold support here (risk can be defined and limited against the area), traders will once again look toward the August high at $84.85..