WTI crude oil looks ready to resume its slide, as price is finding resistance at the top of its descending channel on the 4-hour chart.

If resistance keeps holding, crude oil could head back to the bearish targets marked by the Fibonacci extension tool. The 38.2% level is at the mid-channel area of interest near $64 per barrel, then the 50% level is at $62.71 per barrel.

Stronger selling pressure could take crude oil to the 61.8% level at $61.20 per barrel, which lines up with the swing low. The 76.4% level is at $59.33 per barrel and the full extension is at $56.32 per barrel.

The 100 SMA is below the 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse. The 200 SMA also lines up with the channel resistance around $69 per barrel to add to its strength as a ceiling.

Stochastic is already heading south to show that bearish pressure is in play, and the oscillator has room to go before reaching the oversold region. RSI is also moving lower, so price could follow suit until oversold conditions are met.

Crude oil is holding its ground as the OPEC might be sticking to its production deal for the time being.

“While the effects of the COVID-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and OECD stocks continue to fall as the recovery accelerates,” OPEC+ said in a statement.

This eases some traders’ fears that the cartel could push for another big increase in output early next year, especially since global demand is slated to turn lower while the pandemic is present.

The commodity also managed to stay afloat after the EIA reported a larger than expected draw in stockpiles of 7.2 million barrels, indicating that purchases stayed supported.