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WTI Crude Oil (USDWTI) Retreats From Resistance for Now

Price of WTI Crude Oil (USDWTI) has been bullish in November. This week, price came up against a key resistance just under 52.00 and cracked it, but as we can see in the daily chart below, it immediately retreated. 

USDWTI Daily Chart 12/6

(click to enlarge)

Resistance Holding so Far:
- The market appears to be holding resistance at 52.00. 
- There is a very short-term bearish outlook to 49.00. I think we shouldn't expect much of a bearish scenario.
- Looking at the 4H chart below, we can see another support in the 47-48 range where price would meet a rising trendline. 
- On the other hand, if price comes up and breaks 52.00, look for a strong push towards 60.00.

USDWTI 4H Chart 12/6

(click to enlarge)

Bearish Outlook:
- I prefer the bullish outlook for oil, but if price doesn't come up again to break above 52 and instead fall below 47, I would anticipate downside risk towards 43, a common support since September.
- The bearish outlook should be capped at 40, which represents the lower bound of the range since April.