below its 100 and 200 hour moving averages. See Adam's post here for the news triggering the fall.
The price of WTI crude oil futures fell down toward the $64 level (the low reached $64.11). In the process, the 100 /200 hour MAs were broken at $65.30 and $65.16 respectively. It would take a move back above those moving averages to increase the bullish bias now. Sellers are now more in control. On the downside, the next target comes in at the 50% retracement of the move up from the April 22 low. That level comes in at $63.79. The low price from last week reach down to $63.04 and would be a another target on increased bearish momentum. The high today reached around $67. That did take the price above the May highs at $66.60 and $66.73. The failure to extend higher, turned buyers and sellers. The breaking below the moving averages increased the sellers control.
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