WTI crude oil settles down $0.80 or -0.98%.
The price of WTI crude oil futures are settling at $80.79. It's the third week in a row for a lower close. On the day, the price is down $0.80 or -0.98%.
The high price for the day reached $81.62. The low extended to $79.78. A week ago, the price closed at $81.17.
For the week the high price extended to $84.97 on Tuesday. The low price for the week was reached today at $79.78.
Although the price is lower on the week, most of the trading during the week traded above the closing level from last Friday.
Looking at the hourly chart, the high for the week was able to extend above the November 1 high at $84.88, but only by nine cents before the price rotated back to the downside. Bearish. That failure to run higher sent the pair sharply lower on Wednesday (interest rates soared on that day as result of the higher CPI).
During trading yesterday the 100 and 200 hour moving averages (green and blue lines) stalled the rise (although price action has certainly up and down choppy over the last two trading days).
Going forward stay below the 200 hour moving average at $81.81 and the 100 hour moving average at $82.06 would keep the bias more to the downside. Stay below and the bears can continue to correct the price lower. With $79.78 is the next target followed by the 61.8% retracement of the move up from the October low at $78.95.
