Also falls below the 50% retracement of the move up from the July low at $69.64
The price of crude oil has tumble lower over the last few hours and in the process is cracking below support targets including swing lows from July and the 50% retracement of the move up from the July 20 low.
That 50% midpoint level comes in at $69.64. a swing low from July 22 comes in at $69.84. Those two levels will now be resistance targets on a rebound. Stay below is more bearish.
The break lower does not have a lot of technical support until it reaches the 61.8% retracement of the move up from the July 20 low. That level comes in at $68.56. Bears/sellers will look toward those levels as long as the aforementioned resistance up to $69.84 (and for some the natural $70 level), puts a lid on corrective moves.