WTI crude oil Technical Analysis: Black Gold decline continues, bears eyeing $64.00 region

• Oil lost about 11.30% in the last two weeks after peaking at $72.83 a barrel.
• Bears have taken control as the market is trading below the daily 50 and 100-period simple moving averages.
• The next scaling points to the downside are seen at the 64.12-63.72 demand zone and at 62.25 level (March 16 close).  

WTI crude oil 15-minute chart

Spot rate:                    64.86
Relative change:          -1.16%      
High:                            66.01
Low:                             64.55

Trend:                          Bearish

Support 1:                   64.12-63.72 demand zone
Support 2:                   62.25 March 16 close    
Support 3:                   60.00 figure  

Resistance 1:              65.56 April 17 low
Resistance 2:              66.00 handle
Resistance 3:              69.56 May 31 low