………..Next target comes in at $57.56……….
The price of crude oil has extended to new session lows in the last few minutes of trading. The price has moved to a low of $57.88. That run took the price below the low from last week at $58.28. It also has pushed the price to the lowest level since February 12, 2021.
The next target would be the 61.8% retracement of the move up from the January 22 swing low. That level comes in at $57.56. The February 12 low bottomed at $57.06 and be a another downside target.
With concerns on inflation, the rotation down in crude oil prices over the last 12 or so trading days is a welcome relief. The high price peaked on March 8 at $67.79. The move lower today has pushed the price now down 14.5% from that high. The price is still up some 21% from the January 4th low, but it could have been much worse.