The weekly Baker Hughes rig count data is showing:
- Oil rigs +8 at 610
- Natural gas rigs -1 at 157
- Total rigs +7 at 769
The price of WTI crude oil is trading at $86.07. That’s down close to $3 on the day.
Looking at the hourly chart, the price low today at $85.65 tested the low price from Thursday’s trade at $85.54 the low price going back to October 5 reached $85.48. Breaking below that floor would increase the bearish bias and have traders looking toward the 50% of the move up from the September 26 low at $84.93.
Of note technically, is the high prices from Wednesday, Thursday and Friday stalled near its 100 hour moving average (blue line in the chart above). Stay below that level kept the bears more in control.