The WTI crude oil futures price settled at $67.61, down $3.72 or 5.22%. Currently, the price hovers near $68, still significantly lower but recovering from the day’s low of $65.65. At that low, the price had dropped by $5.68, reaching its lowest point since early December 2021.
Examining the hourly chart, the recent price highs from March 13 were closely skimming the downward sloping 100-hour moving average (blue line in the chart above), which was around $77.08 at the time. Sellers who relied on that level and leaned, placing stops above the 100-hour moving average, witnessed a price decline of 14.82% over the subsequent two trading days.
From today’s high price near $72.56 to the low at $65.65, the market has retraced 38.2% of the recent downward move. This retracement level is at $68.30. If the price rises above this level, it would give buyers a reason for optimism. Surpassing the 50% midpoint at $69.11 could potentially lead to additional upward movement as the market continues to probe for direction.