WTI oil futures (July delivery) have been moving within their downward sloping channel for the last 10 months, creating a structure of lower highs and lower lows. In the near term, the price is trading flat slightly below the 70.00 region following a moderate pullback from the upper boundary of their long-term bearish channel.
The momentum indicators currently suggest that bearish forces are strengthening. Specifically, the RSI has flatlined below its 50-neutral mark, while the MACD is softening below both zero and its red signal line.
Should the bears try to push the price lower, immediate support could be found at the June low of 66.80. A dive below that floor could open the door for the double-bottom region of 64.20, which is also a 19-month low. Failing to halt there, the price could decline to post a fresh multi-month low, where the December 2021 bottom of 62.25 could curb further downside attempts.
On the flipside, bullish actions could propel the price towards the recent resistance of 73.20. Breaking above that zone, WTI futures might face the 75.00 hurdle before the March peak of 81.00 comes under scrutiny. Conquering the latter, the bulls may then target the 2023 high of 83.40.
In brief, WTI oil futures retraced lower after failing to post a bullish breakout from their long-term descending channel. Nevertheless, the price has been trading sideways in the last couple of daily sessions, waiting for developments that could provide fresh directional impetus.
 have been moving within their downward sloping channel for the last 10 months, creating a structure of lower highs and lower lows. In the near term, the price is trading flat slightly below the 70.00 region following a moderate pullback from the upper boundary of their long-term bearish channel.){kind=link}