WTI crude oil continues to look weak and is seen as remaining that way until we see some type of capitulation price action, whether that is a big daily reversal or a Monday gap-down and reverse on news scenario. If we see something like that develop then a bounce can unfold. Broadly speaking, the intermediate picture could be bearish for a while to come.

For the full set of details, please check out the video above…

Crude Oil (CL1!) Daily Chart

CL daily chart

WTI Crude Oil Chart by TradingView

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—Written by Paul Robinson, Market Analyst

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