• WTI remains pressured around monthly high, prints biggest daily loss in a week.
• Overbought RSI, failures to cross 200-SMA favor sellers.
• 50% Fibonacci retracement level, previous resistance line challenge bears.

WTI crude oil prices stay below 200-SMA, down 0.50% intraday around $73.30 during Monday’s Asian session. In doing so, the black gold teases 50% Fibonacci retracement (Fibo.) of November 09 to December 10 declines.

Given the receding bullish bias of MACD and overbought RSI, not to forget the quote’s failures to cross the 200-SMA, oil prices are likely to remain pressured towards the $73.00 threshold, also comprising the stated Fibo. level.

It should be noted, however, that the 38.2% Fibonacci retracement and the previous resistance line from early November, respectively around $70.50 and $69.70, will challenge the WTI bears afterward.

Alternatively, a clear upside break of the 200-SMA level of $73.40 will need validation from the monthly high of $73.85 before eyeing the 61.8% Fibo. level near $75.50.

During the commodity’s strength past $75.50, the late November’s high near $79.00 will be in focus.

WTI: Four-hour chart

Trend: Further weakness expected