Keep under retains the bears absolutely in management.
The value of crude oil is now down about -7% on the day. Wow.
Iran sanctions, Khashoggi killing payback from Saudi Arabia, longs getting squeezed are a part of the story.
Technically, wanting on the every day chart, the worth has stepped down since peaking in early October (sooner or later after the killing of Khashoggi), falling under the 100 and 200 day MAs (inexperienced and blue traces). Extra not too long ago, the 38.2% has been breached at $57.48 space. Right this moment the 50% midpoint of the transfer up from the February 2016 low was damaged at $51.37. That shall be a detailed danger barometer for shorts on a detailed now.
Drilling to the hourly chart under, the worth has remained under it is 200 hour MA (inexperienced line in chart under) since October 10th. There have been makes an attempt to rally above its 100 hour MA however these makes an attempt have failed on every try. The value is presently working away from that MA at $54.88.
A decrease development line is available in at $49.29 presently (and shifting decrease).