The WTI US Oil trades lower at $78.70, extending a bearish near-term bias as price remains clearly below the 20-hour exponential moving average (EMA) at $81.18.
The positioning under this short-term EMA suggests sellers retain control after the recent retreat from the mid-$80s, while the Relative Strength Index (RSI) at 34.20 hovers just above oversold territory, hinting at persistent but not yet exhausted downside momentum.
On the topside, initial resistance is located at the 20-period EMA around $81.18, which now acts as the first barrier to any recovery attempts and a key level that bulls would need to reclaim to ease immediate downside pressure. Looking down, the July 28 low at $77.16 is the key support level; a break below that would expose the oil price to the July 13 low at $72.53.
Support : 77/76
Resistance : 80/81
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