• WTI portrays a corrective pullback from May’s low.
• Bearish MACD, sustained breaks of the key supports keep sellers hopeful.
• 200-DMA can challenge bears below May’s bottom, bulls remain cautious below $66.90.

WTI snaps six-day downtrend to consolidate recent losses around $63.83, up 0.30% intraday, during Friday’s Asian session. In doing so, the energy benchmark bounces off the lowest levels in three months tested the previous day.

Even so, the black gold remains below 61.8% Fibonacci retracement (Fibo.) of March–July upside, not to forget the monthly horizontal line and a descending resistance line from July 30.

Given the MACD histogram flashing bearish signals, backed by the aforementioned breakdowns, WTI oil prices may remain directed towards the May 2020 low of $61.52.

However, the quote’s weakness below May’s bottom will be challenged by a convergence of the late April’s low and 200-DMA level around $60.60.

Meanwhile, 61.8% Fibo. guards the commodity’s immediate recovery, around $64.60, ahead of the stated horizontal line from July, close to the $65.00 threshold.

However, a convergence of 50% Fibo, descending trend line from July 30 and the previous support line from March 23, around $66.90, become crucial resistance to watch past $65.00.

WTI: Daily chart

Trend: Further weakness expected