West Texas Intermediate (WTI), futures on NYMEX, has demolished the firmer rebound move, recorded on Monday. The black gold picked significant bids below $82.00 and moved higher, however, the pullback move concluded sooner and the asset resumed its downside journey. The oil prices are hovering around $83.00 and are expected to surrender the same.
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On a daily scale, the asset has successfully established below the 61.8% Fibonacci retracement (placed from 2 December 2021 low at $62.34 to March 12 high at $126.51) at $87.00. Usually, an establishment below 61.8% Fibo retracement indicates the completion of the entire swing on the downside ahead.
The 20-and 50-period Exponential Moving Averages (EMAs) at $87.00 and $91.25 respectively are declining, which adds to the downside filters.
Also, the Relative Strength Index (RSI) (14) is on the verge of shifting into the bearish range of 20.00-40.00, which will pace up the downside momentum.
A slippage below the monthly low at $80.96 will drag the asset towards 29 December 2021 high at $77.20, followed by 9 December 2021 high at $73.17.
On the contrary, the asset will regain strength if it oversteps the round-level resistance of $90.00. This will send the oil prices towards a 50% Fibo retracement at $94.32 and the psychological resistance at $100.00.
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