Oil prices fell nearly 2%, but key support levels remain intact

WTI oil prices fell nearly 2% on Tuesday, marking the biggest daily loss since June 3, as growing concerns about weaker demand from China and signals of a Fed rate cut in September dampened sentiment.

Fresh bearish action pushed prices to a three-week low, but strong headwinds emerged near pivotal support levels at $80.00/$79.90 (psychological level / 38.2% Fibonacci retracement of the $72.46/$84.50 rise / top of the thick daily Ichimoku cloud).

Mixed daily technical indicators still lack a clear directional signal. However, a sustained break below the $80.00/$79.90 zone would generate a strong bearish signal, reinforced by the completion of a failure swing pattern on the daily chart, and risk a further decline towards $78.71/$78.48 (200-day moving average / 50% retracement).

Upticks should be capped below $81.66 (broken 23.6% Fibonacci retracement) to maintain the potential for a fresh push lower. A bounce above this level would undermine renewed bearish momentum and potentially signal the start of a healthy correction within the larger uptrend.

Res: 81.66; 82.06; 82.56; 83.00
Sup: 80.00; 79.90; 79.15; 78.71