WTI Price Analysis: Bears approach $84.00 amid death cross, weekly support break

• WTI takes offers to refresh intraday low, justifies bearish moving average cross and support break.
• Monthly low lures sellers, recovery needs validation from $90.00.

WTI crude oil prices stand on slippery ground near $84.20, refreshing intraday low heading into Monday’s European session.

The black gold’s latest weakness could be linked to a bearish signal flashed by the 50-HMA and the 200-HMA cross, as well as the downside break of a one-week-old ascending trend line.

Given the bearish MACD signals supporting the aforementioned signals to the south, the quote is likely to refresh the monthly low, also the lowest since February, while challenging the $81.00 threshold.

Following that, the $80.00 round figure could act as the last defense of the bears before highlighting the July 2021 peak near $76.40.

Meanwhile, recovery moves need to stay beyond the 200-HMA hurdle surrounding $85.60, a break of which could quickly propel the quote towards the previous weekly top surrounding $89.65.

Also acting as an upside filter is the $90.00 psychological magnet as well as the 61.8% Fibonacci retracement of the August 30 to September 08 downturn, around $91.10.

Overall, crude oil prices are on the way to refreshing the multi-month low marked on September 08.

WTI: Hourly chart

Trend: Further weakness expected