Oil Price Seesaws on Trend Line Break

WTI crude oil has been on a downward trajectory since breaking below its ascending trend line in mid-July, reaching a low of $77.97 before staging a recovery.

The price peaked at $93.82 near the top of the trend line and has since bounced back to around $82.34, but analysts are cautioning that this could be nothing more than a correction within a larger downtrend.

A look at the Fibonacci retracement tool shows potential resistance levels at $84.02 (38.2% level), $85.89 (50% level), and $87.77 (61.8% level).