But seeing a little bounce off the lows…
The Iran sanctions went into effect finally and contrary to opinions of a run up into them, the price over the last month fell from $76.90 to the low today of $62.52. That was about a 18.7% decline from the peak.
Technically, the price moved back below the 100 day MA at $69.47. It fell below the 200 day MA at $67.47, and now trades above and below the 38.2% of the move up from the June 2017 low at $63.59 (current price at $63.58 up $0.44 on the day).
Drilling to the hourly chart below, the price is moving back toward the falling 100 hour MA at $64.63. A move above that MA line would be needed (and stay above) to solicit more bullish demand.
Trading has a bunch of story lines that can go askew. The Iran sanctions was one where lots and lots of analysts were chatting about the fall in supply and the impact that would have. What happened was perhaps some global slowiing, some supply increases/demand slow down. Even the killing of Khashoggi was a negative influence as negotiating power on supply from Saudi Arabia suddenly shifts.
Following the technical’s can help in seeing and hearing the voices from the “market”.