The price is testing the lower of range since October 5th
Looking at the hourly chart of the Crude oil futures, the pair is looking to test the lower end of a range since October 5th. That range extends from around $49.70 to $52.20. Of note in the chart is how the last three trading days has had a lower ceiling - not against the upper limit but the 100 and 200 hour MAs at $50.77-82. There have been 4 tests of those MAs and each time, a move lower.
Now we are not tumbling. We found support yesterday - and again today - near the low floor (so far at least). However, the lower ceiling may be a clue that sellers are more in charge technically.
A move below the floor level will look toward $49.36 (38.2%) and then $48.49 (50% retracement).
For dip buyers, if you like this area, this is where you should be buying with a close stop below.
