WTI's Recent Pullback: Watching the $77 Mark

Seems like WTI finally decided to take a breather after that run up. We've seen a pretty consistent move lower since hitting the high 80s, and right now I'm watching the $77 area pretty closely. It's a confluence of a prior support level and the 50-day moving average, which could offer some psychological heft.

If we decisively break and hold below $77, especially on higher volume, then my short-term bullish thesis gets severely compromised. At that point, a retest of the low 70s wouldn't surprise me. Always a good reminder that what goes up, must, at some point, consider the option of coming back down.