WTI Price Analysis: Stays on a defensive mode below $76.00

• WTI remains sidelined after bouncing off two-week low.
• Steady RSI, sustained trading beyond 61.8% Fibonacci retracement keeps buyers hopeful.
• Six-week-old resistance line guards immediate upside, 200-SMA adds to the downside filter.

WTI takes rounds of $75.85 during the early Asian session on Tuesday, after a volatile day that initially refreshed a fortnight low before flashing mild gains.

The 61.8% Fibonacci retracement (Fibo.) of November-December downside defended the black gold the previous day amid a steady RSI line and receding bearish bias of the MACD.

With this, oil prices can portray another attempt to cross a descending trend line resistance from November 19, around $77.10.

Following that, the monthly high near $77.25 may act as an extra filter to the north before directing the oil buyers towards the late November tops surrounding $79.00 and $79.20.

Meanwhile, pullback moves need a clear downside break of the 61.8% Fibo. level, around $75.50, to challenge the 200-SMA around $72.70.

In a case where WTI crude oil prices stay beneath the 200-SMA, a monthly support line near $69.45, will be in focus.

To sum up, oil prices grind higher and defend short-term supports amid steady oscillators, which in turn suggest further upside momentum.

WTI: Four-hour chart

Trend: Further recovery expected