WTI Price Analysis: Bulls on their last defenses below $97.00

• WTI sellers attack three-month-old support line while renewing fortnight low.
• MACD flashes the heaviest bearish signal since early December 2021, downside break of 21-DMA also favors sellers.
• Two-week-old horizontal area adds to the upside filters, 50-DMA lures bears.

WTI crude oil prices remain pressured around a two-week low near $96.70, down 3.8% intraday, heading into Tuesday’s European session.

In doing so, the black gold justifies the previous day’s downside break of the 21-DMA, as well as the MACD’s biggest bearish signal since December 03, 2021.

However, an upward sloping trend line from December 20, 2021, around $95.20, challenges the energy bears.

Following that, the 50-DMA and 61.8% Fibonacci retracement (Fibo.) of December 2021 to March 2022 upside, respectively near $91.60 and $86.70, will lure the WTI bears.

On the contrary, the recovery moves need to cross the 21-DMA level of $100.20 before attacking a short-term horizontal hurdle near $106.90.

In a case where WTI bulls cross $106.90, the $115.00 and $122.00 may test the upside momentum ahead of the latest peak surrounding $126.50.

Overall, WTI crude oil prices are near decisive support while suggesting further downside.

WTI: Daily chart

Trend: Further weakness expected