WTI Price Analysis: Defends $69.00 around two-week low

WTI remains pressured around fortnight low, extends Friday’s losses.
50-DMA guards corrective pullback inside Megaphone broadening pattern.
Short-term support line tests immediate downside amid oversold RSI conditions.

WTI crude oil traders lick their wounds near $69.20, down 1.55% intraday after refreshing the two-week low during early Monday.

In doing so, the black gold trades inside a Megaphone chart formation while justifying failures to stay beyond the 50-SMA.

Even so, oversold RSI conditions may trigger the quote’s bounce from the support line of the state Megaphone, near $68.25.

Should the quote fail to recover from $68.25, it becomes vulnerable to test monthly horizontal support near $65.50.

Alternatively, recovery moves remain elusive below the 50-DMA level of $71.15, a break of which will direct WTI buyers to challenge the Megaphone’s upper line near $72.00.

During the commodity’s upside past $72.00, the 61.8% Fibonacci retracement level of November 24 to December 02 downside, near $72.70, will act as an additional upside filter before recalling the bulls.

WTI: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	69.48
Today Daily Change	-0.83
Today Daily Change %	-1.18%
Today daily open	70.31

Trends
Daily SMA20	71.16
Daily SMA50	77.05
Daily SMA100	73.69
Daily SMA200	70.24

Levels
Previous Daily High	72.01
Previous Daily Low	69.69
Previous Weekly High	72.83
Previous Weekly Low	69.21
Previous Monthly High	83.97
Previous Monthly Low	64.32
Daily Fibonacci 38.2%	70.58
Daily Fibonacci 61.8%	71.13
Daily Pivot Point S1	69.33
Daily Pivot Point S2	68.35
Daily Pivot Point S3	67
Daily Pivot Point R1	71.65
Daily Pivot Point R2	72.99
Daily Pivot Point R3	73.97

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