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Crude oil falls to a swing low from yesterday on the hourly
The price of crude oil has seen follow through selling with the price moving down to a low of $92.23. That took the pair down close to $2 on the day the current prices bounce back to $92.55.
Looking at the hourly chart, the high price from yesterday extended up to a high price of $95.04 before rotating down into the close. The high price in trading today reached $94.79 short of the $95 level. That move did extend above the 50% of the last move down from the end of July high to the August 5 low at $94.42, but momentum could not be sustained. Once the price fell below the low for the day and $93.60, momentum increased and led to the move lower. A swing low level from yesterday came in at $92.18. The low today $92.23 tested that swing level.
If momentum to the downside could continue, the 100 and 200 hour moving averages are converged at $91.32. That level would be a key barometer for both buyers and sellers.
The Nordstrom flows rise to 14.5 1KWH/H after earlier dip.