The price of crude oil extended to the downside in trading today, with the price falling by -$0.52 or -0.82% to $62.65. That is he lowest level since June 1.
Looking at the daily chart, the price is moving further away from its 100-day moving average at $64.77. The price is also moving away from the low of a swing area near $63.61. The swing area goes from $63.61 to $65.27. The sellers are more control.
If the buyers are to take back some control, they would need to get above those levels, including the 100-day moving average (at $64.77) and the high of the swing area (at $65.27). Absent that in the buyers are still losing from a technical perspective. Move above and I would expect that the sellers on the break, would be disappointed.
The oil inventory data earlier today showed a greater build in crude oil stocks:
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