Weekly Baker Hughes rig volume data shows: , oil rigs 8,610 , natural gas rigs -1,157 , total 7,769 , WTI crude is at $86.07. That breaks down to almost $3 a day. Looking at the hourly chart, today’s low of $85.65 tested Thursday’s low of $85.5 and the October 5 low of $85. 8. A break below this low would extend the downtrend and prompt investors to expect a 50 percent rally from the September 26 low of $8 .93. Technically, it is worth noting that the high prices of Wednesday, Thursday and Friday stopped near the 100 hourly moving average (blue line on the above chart). A break below this level kept the bears more in check.
