WTI oil at the 200 day EMA

WTI oil breaks below the 66.27 support zone and accelerates its bearish momentum towards the 200 day EMA around the 64.30 level. We have been analyzing the 66.27 support zone since the first bullish bounce of the price and we also said that the more visits we see to that level, the higher the probability of the price breaking it to the downside. The 64.30 zone was a good support for the commodity during a better part of June, therefore besides the 200 day EMA, the 64.30 level may also contribute to stall the bearish momentum on oil. In case of a bullish bounce from the 200 day EMA, the 66.27 level could change from support to resistance. Above the 66.27 level, oil will be entering again the congestion area with a resistance at the 70.00 level. On the other hand, if WTI oil breaks below the 200 day EMA, then it could fall to the 62.00 level.