The price of WTI crude oil futures is settling at $82.51. That’s down $0.68 or -0.82%.
Crude oil trades between swing area
The high price today reached $83.20. The low price extended to $81.76. The low price moved below the old swing area between $82.43 and $83.44. That area was breached last week but rotated into the swing area on Friday. Today’s break below is more bearish and may be a signal that the sellers are gathering against the swing area. Traders looking for more downside will likely be using the $83.44 as a risk-defining level. Stay below is more bearish.
On the downside, if there is more selling, the $79.00 is a downside target level.