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WTI Crude Oil is building some bullish momentum

WTI Crude Oil price has been falling since June after just missing 52.00. It has fallen below 40, but didn't quite reach 39 before rebounding as we can see in the 4H chart.

WTI Crude 4H Chart 8/11

(click to enlarge) 

Bullish correction:
- The 4H chart shows that price is holding above 41.00. 
- The RSI is also holding above 40 after it tagged 70 - this is a sign that the market is building bullish momentum. 
- There is some bullish bias in the very short-term.
- The bullish swing I projected in the chart would be an ABC bullish correction scenario, which is within the medium-term bearish trend scenario. 

- Basically, the current bullish outlook should be limited to the 45.85 pivot, which will be reinforced by a falling trendline.
- Another key resistance will be around 44.50, where a previous support pivot might turn into resistance, reinforced by the 200-hour simple moving average (SMA).