WTI Price Analysis: Oil refreshes intraday low as bears keep eyes on $101.00

WTI remains on the back foot for the second consecutive day.

100-SMA, ascending support line from mid-February appear tough nuts to crack for bears.

WTI crude oil prices take offers around $104.60 to renew intraday low during Thursdays Asian session.

That said, the black gold dropped the most since November the previous day while breaking an upward sloping trend line from February 25 and the 50-SMA.

The quotes latest weakness could be linked to the failures to cross the 50-SMA, as well as bearish MACD.

Hence, WTI bears are all set to retest the 100-SMA level surrounding $101.00, before challenging the $100.00 psychological magnet.

However, a three-week-long rising support line near $93.65-70 will restrict the energy benchmarks further weakness.

On the contrary, a clear upside break of the 50-SMA level of $110.15 isnt the key to welcome WTI bulls as the previous support line from late February, close to $118.50 by the press time, will be a tough nut to crack for the buyers.

In a case where the commodity prices rally beyond $118.50, the $120.00 and the recent multi-month high near $126.50 will be in focus.

WTI: Four-hour chart