As WTI failed to close the 1D candle above the 1D MA50 (81.07) yesterday, it got rejected and turned heavily bearish after closing below the 4H MA50 (78.66). With 4H now on Lower Lows and the RSI approaching the oversold barrier (RSI = 32.360, MACD = -0.350, ADX = 39.455), we could expect a dead cat bounce to test the 4H MA50 and make the sell entry if you missed it, but on the medium-term my target remains 74.10. If 73.50 breaks, I will go again go short and target 70.30. All prices on my analysis are on CL NYMEX current contract in front.
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