The price of WTI crude oil has dipped to a new session low at $71.84. The high for the day reach $73.08. The current prices trading at $71.91.
Looking at the hourly chart, the price yesterday moved back above its 200 hour moving average (green line currently at $72.64), but found sellers near the 50% midpoint of the move down from the April 12 high to the May exhaustion low reached last Thursday (near $63.64). The 50% midpoint comes in at $73.59. The high price yesterday reached just above that level at $73.69 before rotating back to the downside.
Going forward, the price would need to get back above the 200 hour moving average to give the buyers more confidence (and then the 50% midpoint).
On the downside, traders why the 38.2% retracement at $71.24 followed by the 100 hour moving average at $70.60 (that moving averages moving back to the upside).
Global growth is a concern but it goes back and forth as well with the winds of change.
