With the weaker US data, the price of crude oil has rolled over and moved to new lows going back to July. The price is currently trading at $73.25 near session lows. That’s down 4.25% on the day.
Looking at the daily chart, the price is entering into a swing area between $72.30 and $73.31. A move below that area would open the door for further selling. There is a lot of support from the consolidation area in May through July. The low value area reaches down to $66.85. The high that ups and downs was near $74.75.
This article was written by Greg Michalowski at www.forexlive.com. Source