In the earlier video (see above), I spoke of the key swing area in the crude oil at a swing area between $82.35 and $83.32. Since then the price moved up but only to $83.37 – just above the high of the swing area. Since then, the price has rotated back down over the last few hours of trading and currently trades at $82.41. The new low for the day just reached $82.12.
Crude oil bangs against the support
So the swing air was broken, and failed with a price currently above the $82.35 level, but we aren’t exactly running to the upside.
This $82.35 level is key for both buyers and sellers. Traders will be looking for clues around it in the short term. Be aware.