๐ข๏ธ WTI Price Forecast: Oil Extends Losses Below $80 as Bears Stay in Control
WTI Crude Oil remains under pressure, trading near $79.50 as sellers continue to dominate the market.ย
The commodity is holding well below the 20-day Exponential Moving Average (EMA) at $89.44, highlighting persistent bearish momentum following the recent decline.
The Relative Strength Index (RSI) at 34.84 suggests that downside pressure remains intact and could intensify if key support levels fail to hold.
If WTI breaks below the April 17 low at $78.88, the next downside target could emerge near the March 10 low of $75.95. Further weakness may expose the $70.00 psychological level, followed by the February 27 high at $67.74, a key pre-war support zone.
On the upside, bulls would need to reclaim the 20-day EMA at $89.44 to ease immediate bearish pressure and signal a potential corrective recovery.