Fundamental analysis of WTI

WTI crude oil suffered from price fluctuations and traded around 79.40. The fluctuations are based on concerns about demand from China, the world's largest oil consumer. In particular, the slowdown in China's economic growth and subsequent stimulus measures, including the People's Bank of China's recent cut in the main lending rate to a lower-than-expected level, have had a negative impact on global oil demand. This slow response to the recession, combined with uncertainty over the country's debt and real estate sectors, has raised concerns that oil prices will continue to decline. 
At the same time, expectations are rising globally for the annual meeting in Jackson Hole. Market participants are eagerly awaiting preliminary information on a possible rate adjustment. Higher interest rates coupled with weakening demand in China may temporarily mitigate the effects of tightening oil supplies. 
However, there are some positive aspects in the current oil market scenario. As Saudi Arabia has pledged to cut production by 1 million bpd and Russia by 500,000 bpd, OPEC+ is looking to regulate and possibly limit incentives to support prices. In addition, recent data from the American Petroleum Institute and the Energy Information Administration show a decline in US crude oil inventories, indicating a supply shortage. In addition, developments in the region, such as talks between the Iraqi and Turkish oil ministers on resuming oil supplies after pipeline repairs, may ease supply pressure in the country. Market participants are still focused on the possibility of resuming exports through the port of Ceyhan. 
In the near term, negative indicators such as the possibility of US interest rate hikes and slowing Chinese demand hang over the market, but the balancing possibility of supply cuts remains. Upcoming events such as the weekly EIA, Jackson Hole Symposium and Fed Chairman Powell's speech will influence market sentiment. Therefore, investors and traders should be cautious and anticipate possible fluctuations in WTI crude oil prices.
Technical analysis and scenarios:

The Bollinger Bands are currently pointing horizontally, indicating a period of consolidation. The price is trading near the middle band and is showing a downward trend within the lower band range. The upper band is at 81.30, the middle band is at 80.15, and the lower band is at 79.00, so price has the opportunity to move in either direction. Given that the price is near the middle band of the Bollinger Bands and is showing a downward trend, it is possible that WTI could move towards the lower band with the target of the first support level at 79.00. If this support level is broken, we may see further declines towards the second and third support levels at 78.00 and 76.70 respectively.
Main Scenario (SELL)
Recommended entry level : 79.00.
Take Profit: 78.00.
Stop loss: 79.40.
Alternative scenario (BUY)
Recommended entry level: 80.15.
Take Profit: 80.95.
Stop loss: 79.80.