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WTI Crude Oil Might Break Range Support

WTI Crude Oil has been consolidating since January after making lows on the year around 44. It has climbed back to 54 after which, price began consolidating in a range with lows around 48.

WTI Crude Oil 4H Chart 3/11
(click to enlarge)

Last week, a rally from 48 failed to make it to 54. WTI Crude price instead stalled at 52 and retreated. This week, price action appears to be extending towards 48 threatening to break lower because traders will be cautious about buying since price failed to reach consolidation resistance.

If price does indeed close below 48, we are likely going to see a slide back towards the 44 lows.

A break back above 51 will be needed to take away the bearish bias and put oil price back in consolidation or even a price bottom development.