The price of WTI crude oil futures are settling at $85.46. That’s down $0.15 or -0.18%.
The low price reached $84.60. The high price was at $87.09. Looking at the hourly chart, the high prices from last week stalled near their 100 hour moving average (blue line in the chart above). The inability to extend above that moving average line keeps the sellers in play. In trading today, the price did moved below the 50% midpoint of the move up from the September 26 low. That level came in at $84.93.
A move back below that 50% retracement level would be needed to increase the bearish bias going forward. On the topside it would take a move back above the 100 hour moving average currently at $87.70 and moving lower, to increase the bullish bias