WTI Price Analysis: Bears attack $90.00 inside three-week-old rising channel

WTI Crude Oil holds lower ground near $90.00, following a downside gap to begin the week’s trading. Even so, the black gold remains inside a short-term upward-sloping trend channel during the initial hours of trading on Monday.

It should be noted, however, that the retreat in RSI (14) from the overbought territory and the recently easing bullish MACD signals suggest the energy benchmark’s further weakness.

That said, the previous resistance line from August 30, around $88.60 by the press time, restricts the quote’s immediate downside.

Following that, the support line of the aforementioned bullish channel stretched from mid-October, around $86.80 at the latest, should lure the WTI bears.

It’s worth observing that an upward-sloping support line from September 28, close to $85.70, acts as an extra filter to the south before welcoming the oil sellers.

Alternatively, recovery moves may aim for the stated channel’s upper line, close to $92.00, but the buyers could wait for a clear upside break of the previous monthly peak of $92.63 to retake control.

In that case, a run-up towards the high marked in late August, around $97.30, might gain the market’s attention.

WTI: Four-hour chart

Trend: Limited downside expected