WTI Crude Oil Corrects Gains Below Bullish Trend Line

WTI Crude Oil has given back some of its gains after reaching $88.50, and is now trading below a key bullish trend line on the 4-hour chart of XTI/USD.

The price dipped below $86.40, which serves as both the 100 simple moving average (red, 4-hour) and the support level for this trend line.

This correction has also pushed the price below the 50% Fibonacci retracement level of the upward move from $74.42 to $88.32.

Looking ahead, if WTI Crude Oil experiences more losses, it may find support at $80.00, with further supports at $77.70 and $76.80.