December 9, 2022

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Crude oil continues to find support near the broken 38.2% retracement

1 min read

Stays below a topside trendline near $69.91

Stays below a topside trendline near $69.91

The price of WTI crude oil futures is trading near the lows for the day at $67.97. The low for the day reach $67.56. The high extended up to $69.89.

At the high, the price got close – once again – to a downward sloping trendline (see green numbered circles). That trendline currently cuts across at $69.91 and moving lower. 

Going forward, getting and staying above that trendline is important for a more bullish bias. The $70 level will also be a key hurdle to get to and through if the buyers are to take more control.

On the downside, the broken 38.2% retracement of the range since early July comes in at $67.56. That is near the swing low from Tuesday and again today (the low on Tuesday reached $67.64 and the low today reached $67.56

If the sellers are to take take more control getting back below the broken 38.2% retracement would be a step further into the bearish directional bias.

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