WTI Price Analysis: Breaks nearby bullish channel but sellers need validation from 100-SMA

WTI struggles to extend two-day downtrend, grinds lower around weekly bottom.

Downside break of fortnight-long rising channel joins bearish MACD signals to keep sellers hopeful.

100-SMA, 200-SMA tests short-term downside, recovery moves have a bumpy road to the north.

In addition to the stated channel break, bearish MACD signals and fundamentals also hint at the quotes extended pullback from a multi-day high.

However, the 100-SMA level near $88.80 seems to challenge the black golds latest fall, a break of which will direct the commodity prices towards the $85.80-75 support zone before directing WTI bears to the 200-SMA level of $85.15.

Its worth noting that the $85.00 threshold will act as an extra filter to the south before recalling the oil bears targeting the late January lows near $82.85.

Alternatively, an upward sloping trend line from January 03, close to $90.20, challenges the energy benchmark‘s recovery moves, in addition to the stated channel’s lower line surrounding $89.40.

Even if the WTI bulls manage to cross the $90.20 hurdle, $91.80, $93.00 and the recent peak of $94.00 will challenge the further upside ahead of the upper line of the channel, around $94.65 by the press time.