WTI crude oil futures settled at $82.61, down $6.70 (-7.50%) on the day. It was the largest one-day decline since April 17, when prices tumbled 9.86%, as easing geopolitical tensions sparked heavy selling across the energy market.
From a technical perspective, the bearish tone strengthened as the price broke below several key support levels. WTI fell beneath its 100-hour moving average at $87.42, its 200-hour moving average at $84.08, and the 38.2% retracement of the July rally at $83.42. Those breaks shift the near-term bias more firmly in favor of the sellers.
Going forward, the 200-hour moving average at $84.08 is the key level to watch. A move back above that level, especially with sustained momentum, would suggest the selling pressure is easing and shift the outlook toward a more neutral bias. As long as the price remains below it, sellers remain in control.
On the downside, the next technical target is the 50% retracement of the July advance at $80.30. A break below that level would increase the downside momentum and open the door toward the next major support zone between $77.93 and $79.18.
