Crude oil futures settle at $47.74

Down $-1.36 or -2.77%

the price of crude oil futures is settling at $47.74. The high for the day reached $48.61. The low reached $$46.18. 

For the February contract, the price settled at $47.97. That is down -$1.27 on the day.

The price fall today took the contract down to and through the 61.8% retracement of the years trading range at $46.43. However, as stocks started to rebound, and concerns abated, so did the price of crude.  

Last Friday the price reached the highest level since February 26 (the high reached $49.26). The next upside target was the $50 natural resistance level.  That level remains a target on more upside momentum.  

On the downside, a break back below 61.8% retracement would have traders looking toward the swing hi from August and $44.59.  And below that the 50% retracement of the years trading range of $42.57.  

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