Price Of Crude Holding Big Support At $70

It’s time for another crude oil price update!  After hitting resistance again around the $80 – 82 level, it’s come all the way back to the $70 level which is a critical level of support.  It happens to be the 200 day moving average as well.  If crude closes below the $70 level, it could set up a sustained move lower for some time.  The $65 level would be a likely first target, but I’d expect a move close to $60 if the $70 level is breached.

Here’s a look at the chart