Crude oil continues it's decline and moves below the $70 level

Also falls below the 50% retracement of the move up from the July low at $69.64

The price of crude oil has tumble lower over the last few hours and in the process is cracking below support targets including swing lows from July and the 50% retracement of the move up from the July 20 low. 

That 50% midpoint level comes in at $69.64. a swing low from July 22 comes in at $69.84. Those two levels will now be resistance targets on a rebound.  Stay below is more bearish.

The break lower does not have a lot of technical support until it reaches the 61.8% retracement of the move up from the July 20 low. That level comes in at $68.56.  Bears/sellers will look toward those levels as long as the aforementioned resistance up to $69.84 (and for some the natural $70 level), puts a lid on corrective moves. 

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August 04, 2021 at 01:23AM
Greg Michalowski
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