Technical selling pressure pushes crude below key support, shifting focus to lower targets after repeated failed rallies.
Crude oil futures fell below the 100-hour moving average at $81.39, signaling increased bearish momentum. Sellers gained control after repeated failures to sustain gains above the $83.87 retracement level earlier this week.
The price reached highs of $84.54 on Tuesday and $84.35 on Wednesday but failed to extend gains. A rebound yesterday stalled near $83.87, prompting renewed selling. The next downside target is the 200-hour moving average at $79.47, with further support at the 200-day moving average of $76.66.
The decline appears technically driven, with no specific headline catalyst. Buyers’ inability to hold above key resistance levels has reinforced the bearish outlook.