WTI crude oil move down to test a key swing area today
The price of WTI crude oil futures are settling at $99.76
That is down $3.33 or -3.23%
The high price last Thursday peaked at $111.37 on Friday, the high price reached $111.18. Yesterday the price tumbled. That move to the downside continued today with the low price reaching $98.86.
Looking at the hourly chart, the run to the downside today moved below a swing area (see red numbered circles and yellow area) between $99.80 and $100.28. Buyers returned to push the price back above the swing area, but traders are settling the contract just below the low of that swing area. Going forward the swing area will remain a short term bias defining area for buyers and sellers. Move above with momentum would have traders looking toward the $101.43 level followed by the $102.80 level. A move lower would have traders targeting the swing lows from April 26 and $97.06 and the swing low from April 25 at $95.28.