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USDWTI Crude Oil Approaching a Rising Trendline

WTI Crude Oil (USDWTI) has been pretty much flat in January and February but retreated in March. The daily chart shows the consolidation under 55.0 and then the slide now approaching 47.

USDWTI Daily Chart

(click to enlarge)

Still Bullish:
- When we look at the daily chart, we can see that despite the recent downswing, USDWTI is still in a year-long bullish mode.
- Because this bullish run is still intact, we should anticipate support as price approaches 46, where it will be challenged by a rising trendline.
- From 46, a conservative bullish outlook could be 50. A stronger outlook towards 55.00 and beyond is also viable given the current mode.
Bearish Scenario:
However, if we start to see price anchoring below 53, then the market could be respecting the Jan-Feb price top. This could lead to further consolidation, which means risk of downside as well with 40 in sight.