WTI crude oil is currently experiencing a bearish momentum, indicating a potential continuation of the downward trend. The first support level to monitor is at 77.05, which also coincides with the 23.60% Fibonacci retracement level and is considered a pullback support level. A decisive break below this level could signal further bearish momentum, making it an important level to watch. The second support level to monitor is at 73.88, which is an overlap support level.
On the resistance side, the first level to watch is at 81.80, which is a swing high resistance level. If the price manages to break above this level, it could potentially signal a reversal of the bearish momentum. The second resistance level to monitor is at 83.28, which is another swing high resistance level.
