WTI Crude Oil Prices Test Key Support Zones

WTI crude oil prices continue to weaken after a sharp pullback from resistance levels. The recent decline has put key technical support zones into focus, with the 200-day moving average at $76.83 emerging as a potential target. The current selling pressure raises the risk of a test of these lower levels.

Last week's high reached an anticipated upside target zone near the lower boundary of a symmetrical triangle pattern and an interim lower swing high at $94.98. However, this week's rejection from that zone suggests the $94.34 high is unlikely to be challenged again in the near term.

The next assessment of price action will depend on whether signs of a bottom for the retracement begin to occur. A successful test of the 61.8% Fibonacci retracement at $77.90 could provide the first meaningful indication that the pullback is beginning to stabilize.