WTI Crude Oil Seeks Support at $79 Amid Bearish Wedge Breakdown

WTI crude oil is currently testing its support at $79 after a wedge breakdown. This development comes as the spot price shows a tightening range with a falling channel structure.

A confluence of indicators suggests that the defense of this zone could lead to the establishment of another higher swing low, including the 61.8% Fibonacci retracement near $79.95 and the 50-day moving average at $79.55.

However, a recent lower swing high of $88.64 generated near the confluence of the 100-day moving average and the upper boundary of a falling channel indicates bearish pressure, suggesting that lower support levels may be tested, including the recent higher swing low near $74.60.