The good news? Crude oil is -16% off the high.The bad news? It is 10% higher on the day

G7 finance ministers met in their statement said that they will continue to closely monitoring the markets, and stand ready to take necessary measures possibly including the release of strategic petroleum reserves. They said that they would meet again tomorrow.

The price of crude oil stored earlier today to a high of $119.48. Since then, the price is down to the low price of $96.24.. The current price is trading around $100.

The good news is that the price is down 16% from high. The not so good news is the price is still up around 10% on the day.

In the video above I take a look at the technicals levels that are in play, and explain why the levels are important for trader bias at least in short-term..