WTI Price Analysis: Consolidates losses above 100-DMA, four-month-old support

• WTI sellers step back from the key moving average, support line.
• Bearish MACD keeps sellers hopeful, bulls need validation from March top.

WTI picks up bids to $66.81, up 0.50% intraday, amid Tuesday’s Asian session. The black gold dropped to the lowest since late May the previous day after declining below the key horizontal support, now resistance, comprising March’s high.

However, the bears couldn’t offer a daily closing below an upward sloping trend line from late March 23, not to forget 100-DMA.

With the bearish MACD signals adding to the downside concerns, other than the energy benchmark’s fall below March top, WTI buyers may refrain from entries until witnessing a daily closing beyond $67.90.

Even so, lows marked during mid-June and early July, respectively around $69.55 and $70.30, will challenge oil bulls.

Alternatively, a daily closing beneath $65.80 will be necessary for the sellers to aim for highs marked in late April, around $65.40 and $64.35 in that order.

Should the WTI bears keep reins past $64.35, May’s low surrounding $61.50 may return to the chart.

WTI: Daily chart

Trend: Further weakness expected