61.8% and swing levels at $45.57.
The crude oil ran to a support target at the $45.57 level. The 61.8% of the move up from the 2016 low comes in at that level. The July-Sept lows also stalled at that level. The low today reached $45.67. I talked about the level the other day in a post HERE.
That could have been the low for crude oil. Be aware.
The price is trading up at $46.44 now. That is still down -$1.74 on the day (or -3.59%), but I would expect that any more selling should be met with buying (with stops on a break). If it is broken at $45.57, the next target could see the price down at $42.20.
Drilling to the hourly chart below, the price lows today initially came in at $45.80. The more recent low took out those lows to $45.67. That new low failed.
Now…. The price can still push lower and through the low. Once again, if it does, don’t mess with it. But the seller had a shot to head even lower. That failed. So if there is a bottom at the support target (61.8%), the failure is another reason to try and buy a dip for a trade.
ON the topside, traders will be watching the $48.00 level. The 38.2% is at $48.57. The 100 hour MA is at $48.79.