Down $1.06 or -1.94%
The price of crude oil futures are settling at $53.63. That is down $1.06 or -1.94% on the day. The high price extended up to $55.42. The low price fell to $53.43.
Technically, the price is moving close to a lower trend line resistance at $53.21. A move below that level should open up the door for further downside potential. The fall from last week’s high at $58.82 saw the correction to stall ahead of its 50% retracement level (bearish tilt) on Friday of last week. This week, the session highs have found sellers near the 38.2% retracement (bearish).
So sellers are making a play, but they need to get below the twice tested lower trend line (at red circle three and red circle four).