WTI crude oil is trading near $58.74, stabilizing after slipping below the rising channel that guided last week’s advance. Price is sitting under both the 50-EMA ($58.92) and 200-EMA ($59.15), which continue to act as overhead pressure. Immediate resistance stands at $59.17, where recent candles show repeated upper-wick rejections, signaling supply.
On the downside, support sits at $58.26, followed by $57.80 and $57.10. The RSI near 46 reflects weak momentum but shows slight firming after the recent low. If WTI reclaims $59.17, it may retest $59.90, but failure to hold $58.26 could expose a deeper move toward the previous swing base at $57.10.
