WTI technical outlook

WTI extended a decline from last week’s peak at 80.33, declining through near-term congestion at the 200-hour Simple Moving Average (SMA) at $77.98. US Crude Oil is finding near-term technical support at the $77.50 level, and barrel bids are testing on the low side of $78.00 per barrel.

Tuesday’s WTI decline sees US Crude Oil prices testing back into the 200-day SMA at $77.80, and WTI is slumping back into rough technical consolidation. Crude Oil is struggling to extend bullish momentum after a recovery from the last swing low into $71.50