Crude oil is down 3.7%. What are the charts saying....
Technical Analysis
Wed 5 Jul 2017 16:23:57 GMT
Author: Greg Michalowski
Buyers stalled above $47.00-09 resistance area
Today the price of crude oil reached $47.32. That peak took the price above the 50% of the move down from the May 2017 high at $47.03. It also moved above the swing lows from the 2nd half of March at $47.09.
The price should have pushed higher on the break. It did not. Instead the price has tumbled lower as buyers turned back to sellers after the corrective move higher. The fall has taken the price to a low of $45.20. It currently trades at $45.35, down -$1.71 or -3.65%.
What now?
http://www.forexlive.com/technical-analysis/!/crude-oil-is-down-37-what-are-the-charts-saying-20170705
