The price of crude oil has tumbled lower over the last few hours, and in the process has pushed back below its 100 hour moving average at $92.59 and 200 hour moving average and $91.60. The low price reached $90.94. Yesterday the low price reached $90.65 before snapping back higher into the close and into the new trading day today.
the high price today reached up near $95. That was also near the swing high going back to February 13. the inability to move above those levels and approach the seven year high from Monday’s trade at $95.79, gave the sellers the opportunity to lean and may have also been able to push back to the downside.
Going forward get below the $90.65 and the door opens for further downside probing.