Crude oil

The price of crude oil reached a new seven year high near $88.52, but has seen a retracement of those gains over the last hour or so of trading.

The low price extended to $86.50. That was still above the earlier session low of $86.37. There is a swing level and 38.2% retracement between $86.04 and $86.28. Moving below that area would be needed to give the sellers more confidence to the downside. Absent that and the buyers remain in firm control.

Other downside targets on a move lower would be the rising 100 and 200 hour moving averages. Ultimately, if the seller are to take back more control, getting and staying below those MAs is needed.

With the price reaching a new 7-hear high and failing, getting back above the old highs near $87.90 would be eyed now. Failure to move above that level would increase the battle between the buyers and the sellers with the aforementioned levels as the lines in the sand for both the buyers (at $86.04) and sellers (at $87.90).