{video} WTI oil futures (March delivery) had been on the retreat since their September peak of 95.02, breaking below consecutive support zones. Although the price managed to halt its retreat and erase some of its losses, the 61.8% Fibonacci retracement of the 64.20-95.02 upleg has rejected further advances. If bullish pressures persist, oil might challenge the 61.8% Fibo of 75.97, a level that curbed the price’s recovery in December. Conquering this barricade, the bulls could attack the 50.0% Fibo of 79.61. Further upside moves could then stall around the 38.2% Fibo of 83.25. On the flipside, should the price reverse ... (full story)