WTI crude oil has been on a steady decline after topping out near the $100 per barrel area in early 2026, and price is now testing a long-term horizontal support zone that has been in play since 2021.

The commodity is currently hovering around $72.35, putting it right at the floor of this multi-year range that extends down to the $60 region.

This support zone has held on multiple occasions over the years, so a bounce from current levels could be on the cards if buyers step up to defend the area. A recovery from here could have price targeting the 100 SMA dynamic resistance around the $78–$80 area, followed by the 200 SMA which is flattening out in the same vicinity.

However, the 100 SMA has recently crossed below the 200 SMA, confirming that the path of least resistance is to the downside and that sellers have the upper hand on the longer-term time frame.

A sustained break below the support zone, on the other hand, could open the door to a steeper selloff toward the next floor around $60 per barrel, which marked the swing lows back in 2023.

Stochastic is deep in oversold territory and the lines appear to be turning higher, which could be an early sign that sellers are exhausted and a relief bounce may be around the corner. If the oscillator crosses up from this region, buying pressure could pick up in the near term.

RSI is also hovering near the oversold zone after its sharp descent, suggesting that the downside momentum may be running thin. A turn higher in the oscillator would add weight to the case for a corrective bounce back toward the moving average resistance levels above.

Crude oil continues to unwind its war premium as the US and Iran are moving closer to ending the conflict and completely reopening the Strait of Hormuz. Still, any major escalation or delay could lead to a pop higher for the energy commodity.