The price of WTI crude oil futures are settling at $96.44. That is down $6.57 or -6.38%. The low for the day reached $93.53. The high was around $9 higher at $102.58.
Looking at the hourly chart above, the price today fell below the 50% midpoint of the move up from the December 2, 2021 low (at $62.43). That midpoint level comes in at $96.47. That is just above the settle price today $96.44.
The 50% midpoint can be a pivot for bulls and bears. Trade above is more bullish. Trade below is more bearish.
The up and down today around that midpoint level is indicative of a market that is unsure. That is not all that surprising given that a week ago Monday, the price was trading up at $130.50.
There are a lot of bruised and battered traders in the market and hanging around the 50% midpoint (around the $100 level), sounds like a opportunity to take a breather and regroup. Of course much is still dependent on the news, but it seems the run to and through the $100 level and spike high at $130 area might be a high (at least for now).
