Crude oil futures settled $68.07 ...Middle East

Looking at the hourly chart, the high price today stalled just ahead of the 38.2% retracement of the move down from the February 20 high. That level comes in at $68.21. The high price from Tuesday's trade extended up to $68.46 but could not sustain the momentum and rotated back to the downside bottoming on Wednesday at $66.08.

If the price stays below the 38.2% retracement, the sellers are still in play with the 100 and 200-hour moving average at $67.20 and $67.01 as the next downside targets.

This article was written by Greg Michalowski at www.forexlive.com.

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