For the trading week crude oil prices are down $1.28 or -1.79%. That is the 4th down week in a row. From the swing high during the week of April 10 to the settlement today, the price is down around -16.25% (the high price during the week of April 10 reached $83.53).
For the trading year, the price is down around -12.87% (the end-of-the-year level was at $80.26).
Looking at the hourly chart, the price high this week reached $73.89 on Wednesday. On Thursday, the price fell below both the 100 and 200-hour moving averages. In trading today, the corrective high ticked briefly above the 200-hour moving average but quickly reversed. The price low tested the 38.2% retracement of the move up from the exhaustive low from back on May 3. That level came in right around the $70 level.
Stay below the 200-hour moving average keeps sellers more control. Breaking below the 38.2% retracement would open the door for a run toward the 50% midpoint at $68.77.
This article was written by Greg Michalowski at www.forexlive.com.