WTI Price Analysis: Bears seek validation from $111.80 support confluence

• WTI extends pullback from multi-day high inside a bearish chart formation.
• 10-DMA adds strength to the wedge’s support, mid-May’s top restricts immediate downside.
• Bulls need validation from $116.00 to retake control.

WTI remains pressured around $113.80, after taking a U-turn from a nine-week high, as buyers fail to keep reins during Wednesday’s initial Asian session.

In doing so, the black gold remains depressed inside a one-month-old rising wedge bearish chart pattern.

Given the quote’s inability to close beyond late March’s swing high, not to forget the inability to defy the rising wedge formation, WTI crude oil prices are likely to stretch the latest weakness towards the March 24 swing high, close to $113.00.

However, the commodity’s further declines hinge on a clear break below $11.80, comprising the 10-DMA and support line of the wedge.

Should the quote drop below $111.80, the odds of its south-run towards April’s high surrounding $109.10 becomes imminent support whereas April month’s low near $92.65 appears the theoretical target.

Alternatively, a horizontal area from late March, around $116.00 limits the quote’s recovery moves ahead of the stated wedge’s resistance line, close to $117.20 by the press time.

In a case where WTI remains firmer past $117.20, the yearly peak of $126.51 will be in focus.

WTI: Daily chart

Trend: Further weakness expected