WTI Price Analysis: 200-DMA defends bulls above $70.00

• WTI remains pressured after declining the most in over a week.
• Steady RSI, downside break of 61.8% Fibonacci retracement keeps sellers hopeful.
• $73.75-80 becomes a tough nut to crack for oil buyers.

WTI crude oil prices grind lower around $70.40-50, up 0.10% intraday during early Friday.

The black gold posted the biggest daily losses in eight days the previous day, breaking 61.8% Fibonacci retracement (Fibo.) of August-October upside. However, the 200-DMA challenges the commodity sellers of late.

Given the steady RSI and the quote’s hesitance in breaking the 200-DMA, prices are likely to recover should they bounce back beyond the stated Fibonacci retracement level of $70.60.

Following that, 50% Fibo. level of $73.35 may lure WTI bulls but a confluence of 100-DMA and descending trend line from November 10, near $73.75-80, will be a strong resistance to watch.

Alternatively, a daily closing below 200-DMA level of $70.00 will trigger a slump targeting an area comprising multiple supports around $67.50-30.

During the WTI oil bear’s dominance past $67.30, the recent low of $62.35 and August month’s bottom surrounding $61.75 will be in focus.

WTI: Daily chart

Trend: Recovery expected