WTI crude oil is sliding back down after topping out near the $93.45 mark, as the commodity failed to sustain its climb and is now giving back a chunk of its recent gains.

Price recently completed a retest of the $76 to $78 area, a zone that had flipped from resistance to support back in June before the rally resumed, and sellers appear to be gearing up for another push lower.

The Fibonacci retracement tool, drawn off the latest swing, shows where the correction could find its next floor. The 38.2% Fib lines up with current price around $76.18, right in the vicinity of that former support zone, which could make it a pivotal battleground for the next leg.

A deeper pullback could reach the 50% level at $70.85 or the 61.8% Fib at $65.51, which is close to the June swing low. A more severe breakdown could even open the door to the 76.4% Fib at $58.91 or the 100% level at $48.24.

Looking at the moving averages, the 100 SMA remains above the 200 SMA to confirm that the broader trend is still tilted to the upside, but price has slipped below the 100 SMA and is drifting toward the 200 SMA, hinting that the dynamic support could soon be tested.

Stochastic has rolled over from the overbought region, reflecting fading bullish momentum, and still has plenty of room to fall before reaching oversold territory, which means the correction could have further to run.

RSI is also turning lower from its recent highs, and with ample room left before hitting oversold levels, price could keep sliding while sellers hold the upper hand. A recovery back above the $93.45 swing high, however, would be needed to revive the uptrend.

WTI crude oil has been dragged down by geopolitical developments lately, as the pause in strikes between the US and Iran has spurred cautious optimism that talks could resume soon.