WTI crude oil buyers defended the rising 200-hour moving average and nearby trendline support at the day’s low, but the price remains below the 100-hour moving average. In the video above, I outline the bullish and bearish triggers and the next targets that would come into play.The price of WTI crude oil has moved sharply higher since August 26, rising from around $80.00 to a high of $106.00 reached on Tuesday. Since then, the price has corrected lower and fallen below some key technical levels, including the 100-hour moving average. However, buyers returned near the rising 200-hour moving average today.The decline reached $99.10, just two cents above the 200-hour moving average at $99.08. The underside of a broken trendline also came through that same area, adding to the technical importance of the support.Buyers leaned against the support cluster and pushed the price back higher. That gives buyers some comfort, but the correction has done technical damage. WTI remains below its 100-hour moving average at $102.54, which has turned back into resistance.That leaves crude oil caught between two important moving averages:The 200-hour moving average at $99.08 is supporting the broader bullish trend.The 100-hour moving average at $102.54 is limiting the rebound and keeping the shorter-term bias tilted lower.The next break—and the ability to stay beyond the broken level—should help determine whether the correction is complete or has further to run.What buyers need to doThe buyers successfully defended the 200-hour moving average, but that is only the first step.The next objective is to get above the 100-hour moving average at $102.54 and stay above it. Doing so would shift the short-term bias back in the buyers’ favor and increase the focus on the recent high at $105.21 to $106.00.The ability to stay above the moving average is important. A brief move through $102.54, followed by a quick reversal, would suggest that sellers are still using rallies to reduce risk or establish new positions.If buyers can break above $102.54 and build momentum, the price would have room to retest the highs. A move above $106.00 would confirm that the correction has run its course and open the door for another extension higher.What sellers need to doSellers have pushed the price below the 100-hour moving average, but they have not broken the broader bullish structure.To take more control, sellers need to push WTI below:The recent low at $99.10The rising 200-hour moving average at $99.08The nearby trendline supportThat combination creates a clearly defined support area near $99.00. It also gives traders a level where risk can be defined and limited.A sustained break below that support cluster would weaken the bullish structure and increase the downside focus toward:$96.41, the 38.2% retracement$93.50 to $93.14, a swing area that includes the 50% retracement at $93.22$90.02, the 61.8% retracementThe $93.50 to $93.14 area would be particularly important because it combines previous price support with the midpoint of the rally from the August low.Middle East developments remain a key influenceThe sharp rally from around $80.00 was supported by growing fears that the conflict in the Middle East could produce a lasting disruption to global oil supplies.Those concerns intensified after drone attacks damaged Saudi Arabia’s strategically important East-West pipeline. The pipeline allows Saudi crude to reach the Red Sea port of Yanbu without passing through the Strait of Hormuz, making it a critical alternative export route during the ongoing regional conflict.Reports that loadings at Yanbu had been suspended—and that Saudi Arabia canceled some cargoes destined for European customers—helped push WTI toward Tuesday’s high near $106.00.The price has since moved sharply lower as some of those immediate supply fears have eased. Saudi Arabia is reportedly offering additional cargoes through ship-to-ship transfers near Oman, while comments suggesting that the East-West pipeline could return to service sooner than initially feared have reduced concerns about an extended supply shortfall.However, the broader geopolitical risks have not disappeared.The Strait of Hormuz remains a critical route for global energy shipments. Houthi activity near the Red Sea and Bab el-Mandeb also threatens another important shipping corridor. Any additional attack on Saudi energy infrastructure—or evidence that export disruptions are becoming more severe—could quickly bring buyers back into the oil market.At the same time, diplomatic progress, the reopening of damaged infrastructure or increased use of alternative export routes could remove more of the geopolitical premium that was built into the price during the rally.Let the price action tell the storyThe fundamentals remain uncertain and can change quickly. That makes the technical levels especially important.If the Middle East risks are enough to sustain the broader rally, buyers should be able to keep the price above the 200-hour moving average and eventually retake the 100-hour moving average at $102.54.If buyers cannot get above that resistance—and sellers push the price below the 200-hour moving average near $99.08—the market would be signaling that the geopolitical premium is continuing to unwind.For now, WTI remains caught between the two moving averages. Buyers defended the first major support test, but they still need to reclaim $102.54 to take back more control. Sellers, meanwhile, need a confirmed break below $99.00 to open the door for a deeper correction. This article was written by Greg Michalowski at investinglive.com.