Crude oil weakens further to $44.46. Down -$0.27

Technical Analysis

Author: Greg Michalowski | crude-oil

Down -0.60% on the day

The price of crude oil is down another -$0.27 or -0.60% on the day to $44.46. The low today traded to $44.32. The high reached $44.81.

The low today approached the low from May 5th. That low reached $43.76 before bouncing higher.  The 38.2% of the move up from the March 2017 low comes in at $44.09. That is alsoa key level to get to and through if selling is to continue.

Crude oil is being pressured by inventory concerns. Although there was a draw down yesterday, it was less than expectations.