The price of WTI crude oil futures are sharply lower and in the process has broken below its 200 are moving average at $79.52. However there is additional support between $79.07 and $79.24 (swing area and also the 38.2% retracement of the move-up from the July 17 low).
What next and why?
The video will review the technicals and play and explain why.
This article was written by Greg Michalowski at www.forexlive.com. Source