Crude oil price is down sharply today as traders react to the rising volatility in the market. West Texas Intermediate (WTI) is down by more than 3% is trading at $37.6.
The four-hour chart shows that the WTI crude oil price has dropped sharply today. That has pushed the price below the 25-day exponential moving average. It has also moved below the first and second support levels of the standard pivot points.
Therefore, I suspect that bears will continue to push the price lower as they aim to test the third support at $36. However, if it fails to break below the current second support, bulls are likely to come back and push it to the first support at $38.68. This is also an important level being the September 21 and 30 lows.
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