WTI Price Forecast: Breaks below $71.50, ascending channel pattern

• WTI price may find immediate support at a nine-day EMA at $70.72, aligned with and 14-day EMA at $72.62.
• If the 14-day RSI falls below the 50 level, it could signal the start of a bearish trend.
• WTI price may find resistance to re-entering the ascending channel.

West Texas Intermediate (WTI) Oil price extends its losses for the second successive session, trading around $71.40 per barrel during the early European hours on Thursday. The technical analysis of a daily chart indicates a weakening bullish bias as the pair has broken below the ascending channel pattern.

However, the 14-day Relative Strength Index (RSI) consolidates just above the 50 level, indicating a bullish bias is still in play. A break below the 50 mark would cause an emergence of a bearish trend.

Additionally, the WTI price is positioned above the nine- and 14-day Exponential Moving Average (EMA), suggesting a bullish momentum in the short-term trend.

In terms of support, WTI price could test the nine-day EMA at $70.72, followed by the 14-day EMA at $70.62. A break below these EMAs would increase downward pressure on the Oil price to navigate the region around a two-month low at $66.18 level, which was observed on October 1.

Additional support emerges near the $64.75 level, the lowest point since May 2023, last recorded on September 10.

On the upside, WTI price may attempt to re-enter the ascending channel pattern around the three-week high of $72.37 level, which was marked on November 5. A return into the channel would reinforce the bullish bias and support the pair to navigate the region around the upper boundary of the channel near the $75.10 level.

WTI Price: Daily Chart