WTI crude oil is under pressure after breaking below a short-term ascending trend line that had been guiding the commodity higher since early March, with price currently hovering around the $96.07 level and at risk of extending its decline.

The trend line breakdown signals a potential shift in momentum, and price appears to be consolidating just above the 38.2% Fibonacci retracement level at $96.75. A deeper pullback could reach the 50% level at $97.92 or the 61.8% Fib at $99.09 where more sellers could be waiting to hop back into the downtrend.

Should any of these resistance levels hold, crude oil could set its sights back on the swing low around the $93 per barrel support or lower.

The 100 SMA has crossed above the 200 SMA to suggest that the path of least resistance is still to the upside on the broader time frame, though the recent trend line break casts doubt on whether bulls can maintain control. Price has slipped below both moving averages, which could now flip to dynamic resistance on any rebound attempts.

Stochastic is turning higher from the oversold zone, reflecting exhaustion among sellers and the potential for a corrective bounce back toward the broken trend line or nearby Fibonacci levels. If the oscillator completes its turn upward, a retest of the $97.92–$99.09 area could be in the cards before sellers reassert control.

RSI is also recovering from its recent lows but remains below the midpoint, suggesting that bearish pressure is still dominant. Any bounce that stalls here could confirm that sellers are eager to resume the selloff toward the swing low at $92.98.

Geopolitical developments on the US-Iran war, as well as reports on the possible reopening of the Strait of Hormuz, are influencing crude oil prices at the moment. Further de-escalation could mean more downside pressure on prices while global supply concerns ease, but reports of worsening tensions could mean more upside.