Profit-taking triggered a drop in crude oil

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WTI crude futures fell almost 2% on Tuesday, ending a 6-day winning streak. A sell-off in crude oil prices was bound to follow a sharp rally due to the mix of geopolitical tensions. It is expected that further corrections may be seen before strong support is found.

The outlook for crude oil remains cautiously bearish in the near term. While geopolitical tensions in the Middle East initially boosted oil prices, the lack of immediate supply disruptions, coupled with profit-taking, suggests prices could extend a downward correction in the coming days.

Also, concerns over slowing demand and an expected rise in US crude inventories further supported traders' bearish bias in the near term. Without significant new developments, oil prices could fall back toward key support levels.

WTI crude futures face resistance, with the current descending trendline as well as the 100-day simple moving average (SMA) hovering above $75.72 making price difficult to surpass. If price climbs above $77.15, the 200-day SMA should halt further gains as it did early Tuesday.

On the downside, old resistance has turned into support. First is the 55-day moving average at $72.71, which is a potential first line of resistance in case of any retreat. Below that, $71.46 is the second support level, followed by the psychological mark of $70.00. $67.11 is the final support level for traders to buy the dip.

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