The price of crude oil is now trading in negative territory and $69.08. That is down from a high of $70.32. Looking at the hourly chart, the price action this week did move above its 200-hour moving average (currently at $68.93) on its way to the high today. That move higher today also exceeded above the $70 level and the 38.2% retracement of the move down from the August 24 high at $69.94, but momentum could not be sustained. In the last few hours of trading, the price action has seen a steady decline. The price is back down retesting the broken 200-hour moving average at $68.93.A move back below that 200 hour moving average would disappoint the buyers and could see further momentum with
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