WTI Price Prediction: Slides back below mid-$76.00s, not out of the woods yet

• WTI fails to build on the overnight recovery and meets with a fresh supply on Friday.
• Bearish traders need to wait for a break below the weekly low, around 75.70-$75.65.
• A sustained move and acceptance above 200-day SMA will negate the negative bias.

West Texas Intermediate (WTI) US crude Oil prices attract fresh sellers on Friday and erode a part of the previous day's modest recovery gains from the vicinity of the weekly low. The commodity remains depressed through the first half of the European session and currently trades below mid-$76.00s, down over 0.70% for the day. 

From a technical perspective, Crude Oil prices earlier this week struggled to capitalize on the move beyond the very important 200-day Simple Moving Average (SMA). The subsequent pullback from the monthly peak suggests that the recent recovery from the $71.20-$71.15 region, or the lowest level since January 17 touched last week, has run out of steam. That said, mixed oscillators on the daily chart warrant caution for bearish traders.

It will be prudent to wait for some follow-through selling below the $75.70-$75.65 region, or the weekly low, before positioning for any further depreciating move. Crude Oil prices might then accelerate the downfall towards the $75.00 psychological mark en route to the $74.25 area. The downward trajectory could eventually drag the commodity below the $74.00 mark, towards the next relevant support near the $73.45 region. 

On the flip side, immediate resistance is pegged ahead of the $77.00 round figure mark. Any subsequent move up, meanwhile, might still be seen as a selling opportunity near the 200-day SMA, currently near the $77.80 region. This is followed by the $78.00 mark, the $78.20 supply zone and the monthly peak, around the $78.75-$78.80 area. Some follow-through buying will be seen as a fresh trigger for bulls and pave the way for further gains.

WTI daily chart