{video}WTI oil futures (March delivery) had been staging a comeback from the December bottom of 68.00, jumping above both the 50- and 200-day simple moving averages (SMAs). However, the advance got rejected a tad below the 50.0% Fibonacci retracement of the 64.20-95.02 upleg, albeit the 61.8% Fibo prevented further retreats. Should bearish pressures persist and the price dive below the 61.8% Fibo of 75.97, the November low of 72.40 could act as the first line of defence. Sliding beneath that floor, the price may descend towards the 78.6% Fibo of 70.80. A successful break below that zone could pave the way for the ... (full story)