The price of crude oil is trading back below the $107 level at $106.86 currently. The low price just reached $106.62. The settle price yesterday was at $108.70. The high price today extended to $114.88. Markets are extremely volatile in the crude complex.
Looking at the hourly chart, the swing high today stalled against the underside of the 38.2% retracement of the move up from the February 18 low to the high reached on March 6 at $130.50. The price high also moved back above its 200 hour moving average currently at $111.91. The price is back below that level tilting the bias more to the downside.
The low from March 3 comes in at $106.41. The 61.8% retracement comes in at $104.83. Those are two downside targets. The low yesterday reached $105.16.
