Oil moves lower after hints of peace from Trump/Putin talks

The price of crude oil is trading lower after a hint of peace from the Trump/Putin talks today.

Looking at the hourly chart, the price has moved from a high of $68.46 today to a new low of $66.59 currently. The price has also broken back below its 100-hour moving average at $67.32 and its 200 hour moving average is $66.94.

Staying below those moving averages would tilt the technical bias more to the downside although the price action has been above and below at least one of those moving averages going back to March 7th.

PS US stocks are resuming the move lower with the Nasdaq down -322 points or -1.81% and the S&P down -70 points or -1.23%

This article was written by Greg Michalowski at www.forexlive.com.