Crude oil futures are settling at $76.05 – its lowest close since March 3. The futures settled down $4.70 or -5.82%. Technically, the settled price is now within $1.57 of it 200 day moving average the price is not traded below that level since February 17 when the moving average was near $62.10.
On the top side, the close risk includes the swing area between $77.10 and $78.97. Just above that is a 61.8% retracement of the move up from the end of December low to the high price reached in March. That level comes in at $79.62. Stay below that area is the best case scenario for the sellers looking for more downside.
If the 200 day moving average below is broken at $73.48, traders will be looking toward the February 27 closing level of $67.04. The Iran/US war started on February 28.
