Crude oil futures settle at $83.27

Technically, crude is settling back below the 50% retracement of the decline from the July high at $83.87. The price traded above that level earlier in the session, but buyers could not sustain the break. In addition, today’s high at $84.35 fell short of Tuesday’s high at $84.54. That combination gave sellers the go-ahead to push the price back to the downside.

On further selling, a break below today’s low near $82.40 would have traders targeting the 38.2% retracement at $81.60. Move below that level, and attention would shift toward the 100-hour moving average at $80.52, followed by the 200-hour moving average at $79.64.

On the topside, buyers need to get the price back above the 50% retracement at $83.87 — and stay above it — to regain more control. Buyers took their shots above that level yesterday and again today, but both attempts failed. The rebound from today’s initial low also stalled right near $83.87 before rotating back to the downside.

For now, $83.87 remains the key technical barometer. Stay below and the sellers retain the short-term advantage; get back above and hold above, and the buyers would have another opportunity to make a run toward the recent highs.