WTI oil futures (August delivery) lost almost 5% on Wednesday, tumbling to a six-week low of $101.53 before closing the day off its lows. The bearish action breached the support trendline, which joined the lows from December’s bottom of $62.25, sending a warning signal that selling tendencies may escalate in the coming sessions. The clear negative trend in the RSI and the MACD, which have dipped back in the bearish area, is backing this narrative too. That said, there is another shorter-term ascending trendline from April, which is still valid at $102.43, while the 23.6% Fibonacci retracement of the $130.50 – $92.19 ... (full story)