WTI Crude Oil Tumbles from Ascending Trend Line

WTI crude oil broke down from its longer-term ascending trend line after topping out around $87.57 in early August, marking a shift in momentum.

The price has since been trading in a range between $79.67 and $84.55, with the broken trend line now acting as potential resistance on any recovery attempt.

Fibonacci retracement analysis highlights key levels where sellers could be waiting to cap upside moves, including the 38.2% level at $82.69 and the 50% level at $83.62, which converges with the broken trend line and dynamic resistance from the 100 SMA.

While a stronger bounce could reach the 61.8% Fibonacci retracement at $84.55, failure to clear these levels could lead to a resumption of the slide toward the $79.67 low or lower.