Rallies fail. Down $0.50 or -1.0%
The price of WTI crude oil futures it settling for the day at $49.61. That is down $0.50 on the day or -1.0%. The close below $50 is the first since January 8, 2019.
Technically, the price tried to rebound and reached a high price of $51.55. That high stalled just ahead of the 61.8% retracement of the range since December 2018 at $51.62. Stay below that level keeps the sellers more in control. Getting below and closing below the $50 level ads to the bearishness.
