Crude oil futures are settling at $61.51. That is down $-1.04 or -1.66%.
Technically we been watching the $61.45 to $61.94 swing area/old floor. The price fell below that 4 on October 1. Yesterday the price extended above and away from the level only to reverse back lower today. The low price today at $61.25 broke below the lower level of that old floor at $61.45.
The ups and downs above and below that swing area is indicative of a market that is struggling with correcting, and moving back to the downside. The area remains a key barometer to eye going forward. Traded back below with momentum and we could see a rush toward the $60 level soon.
For what it’s worth, Pres. Trump said that gasoline prices will be approaching $2 soon. The price of a gallon of regular gas according to AAA is $3.11. In my favorite town it is currently $3.50.
