The price of crude oil is down over one dollar now at $70.61. That takes the price down -$1.04 on the day. At session highs the price reached $73.64 up $1.99.
Crude oil stalled against its 100/200-hour moving averages
Technically, today’s price high stalled near the 100 and 200-hour MAs (blue and green lines on the chart above). THe inability to move above those key technical moving averages gave the sellers the go-ahead to push the price lower.
The price has since moved below the 50% midpoint of the move up from the December low at $71.94 and also the 61.8% at $70.95. For bears looking for more selling, staying below each would keep the sellers in play and in control in the short term. Moving back above would take some of the selling momentum away.